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ORDINANCES AND RESOLUTIONS 
OF THE 

Mayor and City Council 

OF BALTIMORE , 

PASSED AT THE ANNUAL SESSION 1980-1981 




VOLUME II 



Baltimore 

20th Century Printing Company, Inc. 

City Printers 

1981 



:^ 



\ojrii^ 






ORDINANCES 1121 

The Bonds of each series of Bonds issued hereunder shall 
mature on such date or dates as may be determined in the 
manner hereinafter described, but the last maturity of any 
such series of Bonds shall in no event exceed a period of 
ten (10) years from the date of such series of Bonds (or 
such later date as may be pemiitted under the terms of 
the Enabling Legislation in effect on the date of such 
series of Bonds). 

Sec. 4. Prior to the delivery of any series of Bonds, the 
Board of Finance may also adopt a resolution or resolutions 
which may prescribe (i) the date of issue of such series 
of Bonds, (ii) any additional terms necessary or appro- 
priate to reflect any matters provided by resolution and 
(iii) such other matters as may be deemed appropriate 
by the Board of Finance. 

Any resolution or resolutions adopted pursuant to this 
section of this ordinance shall be deemed to be of an admin- 
istrative nature and shall be efi:ective upon approval by 
the Mayor or Acting Mayor of the City. 

Sec. 5. And be it further ordained, That, unless other- 
wise provided by a resolution of the Board of Finance 
adopted upon request of the Developer, the Bonds shall 
be sold at private (negotiated) sale as authorized by the 
Enabling Legislation, upon the terms and conditions de- 
termined by the Board of Finance as hereinafter author- 
ized. 

Authority is hereby conferred on the Board of Finance 
of the City to take all necessary and appropriate actions 
on behalf of the City to effect the direct placement of the 
Bonds with qualified investors, such actions to include, 
but are not limited to, the following : 

(1) if the series of the Bonds are sold at private 
(negotiated) sale, to determine the date, time and place 
when a purchase agreement shall be submitted by the pur- 
chasers of the series of the Bonds, such agreement to 
specify the interest rate or rates proposed to be paid on 
the Bonds of the series, the price at which such series of 
the Bonds are to be sold to such purchasers, and such 
other matters as the purchasers and the Board of Finance 



1122 ORDINANCES Ord. No. 443 

may deem necessary or desirable in order to sell and de- 
liver the series of the Bonds ; 

(2) if the series of the Bonds is to be placed directly 
with qualified investors, to specify the conditions under 
which the series of the Bonds are to be placed directly 
with such qualified investors and to approve the terms of 
any commitment for the purchase of the series of the Bonds, 
provided, hoicever, that such direct placement and such com- 
mitment complies with all applicable securities laws; 

(3) to appoint a bank having trust powers, or a trust 
company, as trustee for the Bonds to be issued pursuant 
to this ordinance, if the Developer requests such appoint- 
ment; 

(4) to determine the interest rate or rates to be paid 
by the City on the Bonds, but only after the Developer shall 
have given the City written approval of such interest rate 
or rates through the Developer's acceptance of the terms 
of any agreement executed and delivered by the City for 
the sale of the Bonds or of the terms of any commitment 
issued for the purchase of the Bonds; and 

(5) in order to insure that each series of the Bonds 
is issued without direct cost to the City, to provide for 
the payment, directly by the Developer, of all costs, fees 
and expenses incurred by or on behalf of the City in con- 
nection with the issuance of each series of the Bonds, 
such pajTnents to include (without limitation) compensa- 
tion to any persons (other than full-time employees of the 
City) perfoiTning services by or on behalf of the City in 
connection with the transactions contemplated by this 
ordinance. 

Authority is hereby conferred on the Mayor or Acting 
Mayor of the City to take the following actions and to 
make the following commitments on behalf of the City: 

(a) to execute and deliver a financing agreement by 
and between the City and the Developer in the form de- 
termined by resolution of the Board of Finance approved 
by the flavor or Acting Mayor as authorized by Section 3 
of this ordinance; and 

(b) to execute and deliver, as a binding and enforce- 
able obligation of the City, the purchase agreement for 



ORDINANCES 1123 

the Bonds by and between the City and the purchasers 
of the Bonds and to accomplish any and all actions neces- 
sary or deemed appropriate by any of them to issue and 
deliver the Bonds to such purchasers in accordance with 
the provisions of this ordinance and the purchase agree- 
ment. 

Sec. 6. And be it further ordained, That, prior to the 
sale of any series of Bonds, the Board of Finance of the 
City may (without limitation) determine administratively 
by resolution or by other appropriate action: 

(1) the provisions of trust between the City and the 
trustee, if any; 

(2) the manner of execution, authentication, registra- 
tion and transfer of the Bonds; 

(3) provisions for authentication and delivery of the 
Bonds; 

(4) the provisions of the Financing Agreement between 
the City and the Developer and of such other contracts, 
agreements or instruments as the Board of Finance of 
the City may deem appropriate to effect the financing of 
the Facilities; 

(5) the terms of the note or other evidence of the 
obligation of the Developer issued for each series of Bonds ; 

(6) provision for creation, holding and disbursement 
of an escrow fund to be held by the trustee ; 

(7) provisions for creation, holding and disbursement 
of any other funds and accounts to be held by the trustee, 
if any; 

(8) provisions for the application of receipts and reve- 
nues from the City on account of the loan ; 

(9) provisions for the security for and investment of 
moneys held by the trustee; 

(10) the details of the procedure for the redemption 
of the Bonds ; 

(11) remedies for holders of the Bonds in the event 
of default; 



1124 ORDINANCES Ord. No. 443 

(12) the duties, rights and immunities of the trustee; 

(13) the manner of execution of instiniments by holders 
of the Bonds and the method of proof of ownership of the 
Bonds; 

(14) provisions for modification of this ordinance, the 
Financing Agreement, and any resolution or other action 
of the ]\Iayor, City Council and Board of Finance pertain- 
ing to the Bonds; 

(15) provisions for defeasance; 

(16) the foiTtis of the Bonds, coupons and the tnistee's 
authentication certificate ; 

(17) provisions for redesignating the Bonds with a 
designation different from that given in this ordinance; 
and 

(18) such other matters in connection ^^ith the author- 
ization, issuance, security, sale and pajTtient of the Bonds 
as may be deemed appropriate by the Board of Finance. 

Any resolution or resolutions adopted pursuant to this 
ordinance shall be deemed to be of an administrative nature 
and shall be effective upon approval by the I\Iayor or Act- 
ing Mayor of the Cit>'. 

Sec. 7. And be it further ordained, That the Developer 
shall agree that: 

(a) It will submit any plans and specifications for the 
acquisition of the Facilities to the Department of Housing 
and Community Development for approval, with the un- 
derstanding that, in addition to the economic feasibility 
of the acquisition of the Facilities, the Department of 
Housing and Community Development may consider, 
without limitation, the suitability of any site plan, archi- 
tectural treatment, building plans, elevations, materials, 
color construction details, access, parking, loading, land- 
scaping, identification signs, exterior lighting, refuse col- 
lection details, streets, sidewalks, and harmony between 
the plans and the surroundings of the proposed Facilities 
and that the Department of Housing and Community De- 
velopment may refuse approval of any such plans and 
specifications for aesthetic or functional reasons; and 



ORDIXANXES 1125 

(b) It and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 8. A72d be it further ordained, That if the Bonds 
are not issued and sold within six months from the date 
on which this ordinance is approved by the Mayor or 
Acting Mayor of the City, the authorization provided in 
this ordinance for the City to issue and sell the Bonds 
shall expire; provided however, that the Board of Finance 
of the City may. after a showing of good cause at a public 
hearing held before the Board of Finance, extend such 
authorization for one additional term not to exceed six 
months. The Board of Finance, in its sole discretion, shall 
determine the sufficiency, or lack thereof, of the reasons 
presented for any requested extension of this ordinance. 
If an extension is granted, notice of such extension and the 
reasons therefor shall be sent to the City Council. 

Sec. 9. And he it further ordained, That the provisions 
of this ordinance are severable, and if any provision, sen- 
tence, clause, section or part thereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidit^^ or unconstitution- 
ality, or inapplicability shall not affect or impair any of 
the rem^aining provisions, sentences, clauses, sections or 
parts of the ordinance or their application to other persons 
or circumstances. It is hereby declared to be the legislative 
intent that this ordinance would have been adopted if such 
illegal, invalid or unconstitutional provision, sentence, 
clause, section or part had not been included therein, as if 
the person or circumstances to which the ordinance or 
any part thereof is inapplicable had been specifically ex- 
empted therefrom. 

Sec. 10. And he it further ordained. That this ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

T^TLLIAM DONALD SCHAEFER, Mayor. 



1126 ORDINANCES Ord. Xo. 444 

No. 444 

(Council No. 817) 

AN ORDINANCE concerning 

ISSUANCE OF INDUSTRIAL DEVELOPMENT 

REVENUE BONDS— AIR PRODUCTS 

AND CHEMICALS, INC. 

FOR the purpose of authorizing and empowering the 
Mayor and Cit>^ Council of Baltimore to issue, sell and 
deliver, pursuant to the provisions of Subsection (50) 
of Article II of the Charter of Baltimore City, at any 
time or from time to time, its Industrial Development 
Revenue Bonds, designated ''Baltimore City, Maryland 
Industrial Development Revenue Bonds (Air Products 
and Chemicals, Inc. Project), Series A", in an aggre- 
gate principal amount not to exceed $4,000,000, in order 
to loan the proceeds thereof to Air Products and Chemi- 
cals, Inc., a Delaware corporation, for the sole and ex- 
clusive purpose of financing the acquisition and con- 
struction of a certain industrial project in Baltimore 
City, including certain equipment; authorizing and em- 
powering the Mayor and City Council of Baltimore to 
issue, sell and deliver its Industrial Development Reve- 
nue Bonds, designated "Baltimore City, Maryland Indus- 
trial Development Revenue Bonds (Air Products and 
Chemicals, Inc. Project), Series B", in an aggregate 
principal amount not to exceed 84,000,000 to refund the 
Series A Bonds upon redemption thereof; authorizing 
the Mayor of the City to accept, on behalf of the City, the 
Borrower's letter of intent to the City dated March 24, 
1980; making certain legislative findings, among others, 
concerning the public benefit and purpose of such bonds; 
authorizing the private (negotiated) sale of such bonds; 
authorizing and empowering the Board of Finance of 
the City, prior to the issuance, sale and delivery of any 
such bonds, to adopt a resolution pursuant to which the 
Board may specify, prescribe, determine, provide for 
and approve certain matters, details, documents and 
procedures in connection with the authorization, issu- 
ance, sale and payment for such bonds; and generally 
providing for and determining various matters and de- 



ORDINANCES 1127 

tails in connection with the authorization, issuance, se- 
curity, sale and payment of such bonds. 

RECITALS 

Subsection (50) of Article II of the Charter of Bal- 
timore City (the ^'Charter") empowers the Mayor and 
City Council of Baltimore City (the "City") to issue 
revenue bonds and to loan the proceeds of the sale of 
such revenue bonds to a private concern to finance the 
acquisition and construction by such concern of an 
industrial or commercial project and thereby help relieve 
conditions of unemployment in the City, encourage 
the increase of industry and a balanced economy, assist 
in the retention of existing industry, promote economic 
development, and in this manner promote the health, 
welfare and safety of the residents of the City. 

The City has received a letter of intent dated March 
24, 1980 (the ^'Letter of Intent") from Air Products 
and Chemicals, Inc., a Delaware corporation (the "Bor- 
rower"), pursuant to which the Borrower has requested 
the City to participate in the financing of the acquisi- 
tion and construction by the Borrower of an industrial 
project, including certain equipment, to be located in 
the City (the "Project"), by the issuance and sale by 
the City of its Baltimore City, Maryland Industrial 
Development Revenue Bonds (Air Products and Chemi- 
cals, Inc. Project), Series A, in an aggregate principal 
amount not to exceed $4,000,000 (the "Series A Bonds"), 
and by loaning the proceeds of such Series A Bonds to 
the Borrower upon the terms and conditions set forth 
in a loan agreement (the "Loan Agreement") to be 
entered into between the City and Borrower (such loan 
being herein referred to as the "Loan"). 

The Project referred to herein consists of a steam 
hydrocarbon reforming plant which will convert pro- 
pane into hydrogen and carbon monoxide and will have 
a shift converter to convert carbon monoxide into water 
and carbon dioxide, includes related equipment and im- 
provements, and will be constructed and installed at the 
site of the plant of FMC Corporation located on Patapsco 
Avenue in the Curtis Bay Section of the City. 



1128 ORDINANCES Ord. No. 444 

The City has been advised by the Borrower that the 
terms of the Series A Bonds may provide for redemp- 
tion on short notice at the option of the holder and, 
under such circumstances, it vv^ould be desirable to au- 
thorize additional bonds to be issued by the City only 
upon such optional redemption in order to provide funds 
required therefor. In furtherance of such purpose, the 
City may authorize the issuance and sale of its Balti- 
more City, Maryland Industrial Development Revenue 
Bonds (Air Products and Chemicals, Inc. Project), 
Series B, in an aggregate principal amount not to exceed 
$4,000,000 ("Series B Bonds" and, collectively with the 
Series A Bonds, the ''Bonds"), the proceeds of such 
Series B Bonds to be applied immediately to the re- 
demption of the Series A Bonds. 

The Loan Agreement will require the Borrower (a) 
to use the proceeds of the Series A Bonds solely to 
finance the acquisition and construction of the Project, 
and (b) to make Loan pajrments which will be sufficient 
to enable the City to pay the principal of and interest 
and premium, if any, on the Bonds when and as the 
same shall become due and payable. The proceeds of 
the Series A Bonds shall be used solely to pay costs of 
acquisition and construction of the Project, to pay fi- 
nancing costs and to pay interest on the Series A Bonds 
during acquisition and construction of the Project. 

As security for the Bonds, the City will enter into 
a Trust Indenture (the ''Indenture") with a trustee 
(which may be the original purchaser of the Series A 
Bonds or a bank committing to purchase the Series B 
Bonds) (the "Trustee"). Pursuant to the Indenture, the 
City will assign to the Trustee, its successors and as- 
signs (a) all of the City's right, title and interest in 
and to any remedies under the Loan Agreement, ex- 
cepting only the right of the City to indemnification 
by the Borrower and to payments to the City for ex- 
penses incurred by the City itself, (b) the receipts and 
revenues of the City from the Loan, and (c) certain 
moneys which are at any time or from time to time on 
deposit with the Trustee. 

The Loan Agreement, the Indenture and other agree- 
ments to be executed and delivered by the City in con- 



ORDINANCES 1129 

nection with the issuance and sale of the Bonds shall be 
approved by the Board of Finance of the City (the 
**Board") by a resolution (the ''Resolution") to be 
adopted by the Board prior to the issuance, sale and 
delivery of any of the Bonds. 

The Bonds will be sold by private (negotiated) sale. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
CHARTER : 

'Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That acting pursuant to Subsection (50) of 
Article II of the Charter, it is hereby found and determined 
as follows: 

(1) The issuance and sale of the Series A Bonds by 
the City in order to lend the proceeds thereof to the Bor- 
rower for the sole and exclusive purpose of financing the 
acquisition and construction by the Borrower of the Project 
will facilitate and expedite the acquisition and construction 
of the Project by the Borrower. 

(2) The authorization of and potential issuance of the 
Series B Bonds by the City in order to refund the Series A 
Bonds upon exercise by the holder thereof of its right to 
demand redemption thereof will facilitate and expedite the 
issuance and sale of the Series A Bonds. 

(3) The acquisition and construction of the Project by 
the Borrower and the financing thereof as provided in this 
Ordinance will (a) create jobs and employment, thus re- 
lieving conditions of unemployment in the City; (b) en- 
'courage the increase of industry and the creation of a 
balanced economy in the City; (c) assist in the retention 
of existing industry in the City; (d) promote economic 
development; and (e) thereby promote the health, welfare 
and safety of the residents of the City. 

(4) It is in the best interests of the citizens of the 
City to finance the acquisition and construction of the 
Project by a loan to the Borrower. This Ordinance con- 
templates and authorizes a transaction in the foim of a 
loan of the proceeds of the Series A Bonds by the City to 
the Borrower, rather than a transaction in the form of 
a lease or sale of the Project. Accordingly, this Ordinance, 



1130 ORDINANCES Ord. No. 444 

together with the Resolution, the Indenture and the Loan 
Agreement authorized hereby, and the other documents 
referred to herein, contain, or shall contain, such provi- 
sions as the City deems appropriate to effect the financing 
of the acquisition and construction by the Borrower of the 
Project by the loan form of transaction. 

(5) Neither the Bonds nor the interest thereon shall 
ever constitute an indebtedness or general obligation of the 
City or a charge against, or pledge of the general credit or 
taxing powers of the City, within the meaning of any con- 
stitutional or charter provision or statutory limitation, and 
neither shall ever constitute or give rise to any pecuniary 
liability of the City. The Bonds and the interest thereon 
shall be limited obligations of the City, repayable by the 
City solely from the revenue derived from Loan repay- 
ments (both principal and interest) made to the City by 
the Borrower on account of the Loan and from any other 
moneys made available to the City for such purpose. The 
proceeds of the Bonds will be paid directly to the Trustee 
to be held and disbursed by the Trustee as provided in the 
Indenture to be approved by the Board in the Resolution. 
Payments of the receipts and revenues of the City from 
the Loan will be paid by the Borrower directly to the 
Trustee to be used and applied for the pa>Tnent of the 
principal of and premium (if any) and interest on the 
Bonds, as provided in the Indenture to be approved by the 
Board in the Resolution. No such moneys will be com- 
mingled with the City's funds or will be subject to the 
absolute control of the City, but ^vill be subject only to 
such limited supervision and checks as are deemed neces- 
sary or desirable by the City to insure that the proceeds 
of the Bonds are used to accomplish the public purposes 
of the Charter and this Ordinance. 

(6) The City will acquire no interest in the Project. 
The security for the Bonds shall be solely and exclusively 
the absolute, irrevocable and unconditional obligations of 
the Borrower to make the pa>Tnents required by the Loan 
Agreement. 

(7) The best interests of the City wall be served by 
selling the Bonds by private (negotiated) sale upon terms 
and conditions approved by the Board. 



ORDINANCES 1131 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue, sell and deliver, 
at any time or from time to time, the Series A Bonds in 
an aggregate principal amount not to exceed $4,000,000 
subject to the provisions of this Ordinance. The proceeds 
of the Series A Bonds will be loaned to the Borrower 
pursuant to the terms and provisions of the Loan Agree- 
ment, to be used by the Borrower for the sole and exclu- 
sive purpose of financing the acquisition and construction 
of the Project, including payment of necessary financing 
expenses and interest on the Series A Bonds during con- 
struction. 

Sec. 3. And be it further ordained, That the City is 
hereby authorized and empowered to issue, sell and deliver 
the Series B Bonds in an aggregate principal amount not 
to exceed $4,000,000 subject to the provisions of this Ordi- 
nance. The Series B bonds will be issued only upon redemp- 
tion of the Series A Bonds, and the proceeds of the Series 
B Bonds will be paid to the Trustee and applied solely to 
the redemption of the Series A Bonds. 

Sec. 4. And be it further ordained, That the Bonds and 
the interest thereon shall be limited obligations of the City, 
repayable by the City solely from the revenue derived from 
Loan repayments (both principal and interest) made to 
the City by the Borrower pursuant to the Loan Agreement 
and from any other moneys made available to the City 
for such purpose. The security for the Bonds shall be solely 
and exclusively as provided in Section 1 of this Ordinance. 

Sec. 5. And be it further ordained, That the Mayor of 
the City is hereby authorized and directed to accept the 
Letter of Intent on behalf of the City in order to further 
evidence the binding commitment of the City to issue, sell 
and deliver the Bonds in accordance with the terms and 
provisions of this Ordinance. This Ordinance is intended 
to be, and shall constitute, a binding and enforceable 
commitment by the City to the Borrower to issue and de- 
liver the Bonds authorized hereby in accordance with the 
terms hereof; however, the City can make no assurances 
as to the availability of a ready, willing and able purchaser 
of the Bonds, and the City will have no obligation to find 



1132 ORDINANCES Ord. No. 444 

a purchaser for the Bonds. The City and the Borrower 
contemplate that upon the enactment of this Ordinance by 
the City the Borrower may proceed with the acquisition 
of the Project prior to the issuance, sale and delivery of 
the Bonds authorized hereby. 

Sec. 6. And be it further ordained, That each of the 
Bonds shall bear the descriptive title ''Baltimore City, 
Maryland Industrial Development Revenue Bond (Air 
Products and Chemicals, Inc. Project)", provided that the 
descriptive title shall contain such other descriptive infor- 
mation as the Board may prescribe in the Resolution (e.g. 
"Series A" or ''Series B"). The Bonds shall bear interest, 
payable semiannually or more frequently as the purchaser 
thereof may require, at a fixed rate of interest, as pre- 
scribed by the Board in the Resolution, or at a floating 
rate, the formula for which shall be prescribed by the 
Board in the Resolution, and may contain provisions per- 
mitting conversion of the floating rate to a fixed rate, which 
fixed rate shall be determined with reference to a formula 
prescribed by the Board. The Bonds may contain provisions 
for alternative rates in excess of those prescribed above 
during any period in which interest on the Bonds is in- 
cluded in the gross income of any holder thereof. 

Sec. 7. And he it fiirther ordained, That the Bonds shall 
be executed in the name of the City and on its behalf by 
the Mayor of the City by his manual or facsimile signa- 
ture and by the Director of Finance of the City by his 
manual or facsimile signature, and the corporate seal of 
the City or a facsimile thereof shall be impressed or other- 
wise reproduced thereon and attested by the Custodian 
of the City Seal by his manual signature. The Loan Agree- 
ment, the Indenture and, where applicable, all other docu- 
ments as may be necessary to effectuate the issuance, sale 
and delivery of the Bonds, shall be executed in the name 
of the City and on its behalf by the Mayor of the City by 
his manual or facsimile signature, and the corporate seal 
of the City or a facsimile thereof shall be impressed or 
otherwise reproduced thereon and attested by the Cus- 
todian of the City Seal by his manual signature. In case 
any officer whose signature or a facsimile of whose sig- 
nature shall appear on the Bonds or any of the aforesaid 



ORDINANCES 1133 

documents shall cease to be such officer before the de- 
livery of the Bonds or any of the other aforesaid docu- 
ments, such signature or such facsimile shall nevertheless 
be valid and sufficient for all purposes, the same as if 
such officer had remained in office until delivery. The 
Mayor of the City, the Director of Finance of the City, 
the Custodian of the City Seal and other officials of the 
City are hereby authorized and empov^ered to do all such 
acts and things and execute such documents and certifi- 
cates as the Board may determine in the Resolution to be 
necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained. That the Bonds shall 
be executed, issued and delivered at any time or from time 
to time and in such amount or amounts not exceeding, in 
the aggregate, the amounts herein set forth, as the Board 
shall prescribe in the Resolution. 

Sec. 9. And be it further ordained, That the Bonds may 
be dated, may be in such denominations, may be of such 
tenor, may be payable in such amounts at such times not 
exceeding 30 years from the date thereof and at such place 
or places and may contain such provisions for optional 
and mandatory redemption, in whole or in part, as the 
Board shall prescribe in the Resolution. 

Sec. 10. And be it further ordained, That prior to the 
issuance, sale and delivery of any of the Bonds, the Board 
shall adopt the Resolution pursuant to which the Board 
may: 

(a) prescribe the final form, tenor, terms and condi- 
tions of and security for the Bonds ; 

(b) prescribe the actual amounts, rate or rates of 
interest or method of computing the rate or rates of in- 
terest (within the limits herein prescribed), denomina- 
tions, date, actual maturity or maturities (within the 
limits herein prescribed), and the place or places of pay- 
ment of the Bonds, and the final terms and conditions and 
details under which the Bonds may be called for redemp- 
tion prior to their stated maturity ; 



1134 ORDINANCES Ord. No. 444 

(c) approve the form and contents, and authorize the 
execution and delivery (where applicable) of (i) the Loan 
Agreement, (ii) the Indenture, and (iii) such other docu- 
ments as the Board shall deem necessary to effectuate the 
issuance, sale and delivery of the Bonds ; 

(d) determine the time or times of execution, issuance, 
sale and delivery of the Bonds and prescribe any and all 
other details of the Bonds ; 

(e) provide for the direct payment by the Borrower 
of all costs, fees and expenses incurred by or on behalf 
of the City in connection with the issuance, sale and de- 
livery of the Bonds, including (without limitation) costs 
of printing (if any) and issuing the Bonds, legal expenses 
(including the fees of Bond Counsel) and compensation to 
any person (other than employees of the City) performing 
services by or on behalf of the City in connection there- 
with; and 

(f) do any and all things, and authorize the officials 
of the City to do any and all things, necessary, proper or 
expedient in connection with the issuance, sale and de- 
livery of the Bonds. 

Sec. 11. And be it further ordained, That the Loan 
Agreement shall contain such terms, provisions and con- 
ditions as the Board shall prescribe in the Resolution. 

Sec. 12. And he it further ordained, That the Indenture 
shall contain such terms, provisions and conditions as 
the Board shall prescribe in the Resolution for the pro- 
tection and enforcement of the rights and remedies of the 
holders of the Bonds. 

Sec. 13. And he it further ordained, That the Bonds shall 
be sold by private (negotiated) sale upon such terms and 
conditions as shall be approved by the Board in the 
Resolution. 

Sec. 14. And he it further ordained, That neither the 
Bonds nor the interest thereon shall ever constitute an 
indebtedness or general obligation of the City or a charge 
against the general credit or taxing powers of the City 



ORDINANCES 1135 

within the meaning of any constitutional or charter pro- 
vision or statutory limitation, and neither shall ever con- 
stitute or give rise to any pecuniary liability on the part 
of the City. The Bonds, and the interest thereon, shall be 
limited obligations of the City, the principal of and inter- 
est on which Bonds shall be payable by the City solely 
from the revenue derived from Loan repayments (both 
principal and interest) made to the City by the Borrower 
on account of the Loan and, to the extent provided by the 
Board in the Resolution, from the proceeds of the Bonds, 
and from any other moneys made available to the City for 
such purpose. The proceeds of the Bonds will be deposited 
with the Trustee to be held and disbursed by the Trustee 
as provided in the Indenture. Payments of the receipts and 
revenues of the City from the Loan will be paid by the 
Borrower directly to the Trustee to be used and applied 
for the payment of the principal of and premium (if any) 
and interest on the Bonds. No such moneys will be com- 
mingled with the City's funds or will be subject only to 
such limited supervision and checks as are deemed neces- 
sary or desirable by the City to insure that the proceeds of 
the Bonds are used to accomplish the public purposes of 
this Ordinance. 

Sec. 15. And be it further ordained, That in considera- 
tion of the purchase and acceptance of the Bonds by those 
who shall hold the Bonds from time to time, the City does 
hereby, and by the execution and delivery of the Indenture 
shall, pledge the receipts and revenues under the Loan 
Agreement (other than pajrments to the City for indem- 
nification or to reimburse the City for expenses incurred 
by the City itself) to the Trustee, its successors and as- 
signs, to be used and applied for the payment of the prin- 
cipal of and premium (if any) and interest on the Bonds. 

Sec. 16. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitution- 
ality, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections or 
parts of this Ordinance or their application to other per- 



1136 ORDINANCES Ord. No. 445 

sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
and if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 17. And he it further ordained, That if the Bonds 
are not issued and sold within six months from the date 
on which this Ordinance is approved by the Mayor of the 
City, the authorization provided in this Ordinance for the 
City to issue and sell the Bonds shall expire; provided 
however, that the Board of Finance of the City may, after 
a showing of good cause at a public hearing held before 
the Board of Finance, extend such authorization for an 
additional tenn not to exceed six months. The Board of 
Finance, in its sole discretion shall determine the suffi- 
ciency, or lack thereof, of the reasons presented for any 
I'equested extension of this Ordinance. If any extension is 
granted, notice of such extension and the reasons therefor 
must be sent to the City Council. 

Sec. 18. And he it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 445 
(Council No. 818) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE 

BONDS— (FOODARAMA GROUP, INC. 

PROJECT) SERIES B 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, 



ORDINANCES 1137 

as limited obligations of the City and not upon its full 
faith and credit, its industrial development revenue 
bonds, in the aggregate principal amount not to exceed 
$2,000,000, pursuant to the provisions of Sub-section 
(50) of Article II of the Charter of Baltimore City 
(1964 Revision), as amended, for the sole and exclusive 
purpose of financing the costs of the acquisition by 
Foodarama Group, Inc., a Maryland corporation, and/or 
a joint venture of which it is a joint venture partner 
of a certain project in Baltimore City consisting of the 
acquisition of the fee interest in certain real property 
and improvements thereon located at 5315 York Road 
and 4210 Frankfort Avenue, all in Baltimore City to be 
used and operated as retail food stores, the renovation 
of such buildings, and the purchase of certain machinery 
and equipment and other improvements therein, to be 
owned and used by Foodarama Group, Inc. and/or a 
joint venture of which it is a joint venture partner au- 
thorizing the Mayor of the City, on behalf of the City, 
to accept a letter of intent dated October 9, 1981 from 
Foodarama Group, Inc. to the City; making certain 
legislative findings; authorizing and empowering the 
Board of Finance of the City, by a resolution or reso- 
lutions adopted prior to the issuance, sale and delivery 
of any series of such bonds, to (a) prescribe, among 
other things but not limited to, the form, terms, provi- 
sions, manner or method of issuing and selling (in- 
cluding negotiated as well as competitive bid sale), and 
the time or times of issuance, and any and all other 
details of such bonds, and (b) do any and all things 
necessary, proper or expedient in connection with the 
issuance and sale of such bonds; providing that Food- 
arama Group, Inc. shall agree to submit any plans and 
specifications to, and to coordinate with, the Department 
of Housing and Community Development in connection 
with the completion of such project; providing that 
such bonds must be issued and sold within six months 
from the date this Ordinance is approved by the Mayor, 
unless the Board of Finance approves one six month 
extension as provided in this Ordinance; and generally 
providing for and determining various matters and 
details in connection with the issuance and sale of such 
bonds. 



1138 ORDINANCES Ord. No. 445 

RECITALS 

Sub-section (50) of Article II of the Charter of Bal- 
timore City (1964 Revision), as amended (the **En- 
abling Law"), empowers Mayor and City Council of 
Baltimore (the **(jity") to borrow money to finance 
undertaking's for the accomplishment of any of the pur- 
poses, objects and powers of the City and in connection 
therewith to issue bonds, notes, or other obligations 
(including refunding bonds, notes or other obligations), 
all of which shall be fully negotiable, payable, as to both 
principal and interest, solely from and secured solely 
by a pledge of (I) the revenues from or arising in con- 
nection with the property, facilities, developments and 
improvements whose financing is undertaken by the 
issuance of such bonds, notes or other obligations, (II) 
the revenues from or arising in connection with any 
contracts, mortgages, or other securities purchased or 
otherwise acquired with the proceeds of such bonds, 
notes or other obligations, (III) the contracts, mort- 
gages or other securities purchased or otherwise ac- 
quired with the proceeds of such bonds, notes or other 
obligations, or (IV) any combination of (I), (II) or 
(III). The purposes, objects and powers of the City 
contemplated by the Enabling Law include the relief 
of conditions of unemployment in Baltimore City, en- 
couraging the increase of industry and a balanced econ- 
omy in Baltimore City, promoting economic development 
in Baltimore City, and promoting the health, welfare and 
safety of the residents of Baltimore City. 

The City has received a letter of intent dated October 
9, 1981 (the ''Letter of Intent") from Foodarama Group, 
Inc., a Maryland corporation (the ''Borrower"), pur- 
suant to which the Borrower has requested the City to 
participate in the financing of the costs of the acquisi- 
tion by the Borrower of a certain project in Baltimore 
City, Maryland (the "Project"), by issuing and selling 
the City's industrial development revenue bonds in the 
aggregate principal amount not to exceed $2,000,000 
(the "Bonds"), and by loaning the proceeds of the Bonds 
to the Borrower, upon the terms and conditions of an 
Industrial Building Financing Agreement to be entered 
into, among others, the City and the Borrower (the 



ORDINANCES 1139 

"Financing Agreement**), as permitted by the Enabling 
Law (such loan being herein referred to as the "Loan"), 
to be used by the Borrower for the sole and exclusive 
purpose of financing the costs of the acquisition of the 
Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist generally 
of (a) the acquisition of fee interests in real property 
and the improvements thereon located at 5315 York 
Road and 4210 Frankfort Avenue, all in Baltimore City, 
(b) the acquisition of such machinery and equipment, 
and any and all other improvements as may be neces- 
sary or useful in connection with the operation thereof, 
and (c) the acquisition of other interests in land as 
may be necessary or suitable for the foregoing, in- 
cluding roads and rights of access, utilities and other 
necessary site preparation. Upon completion, the Project 
will be owned by the Borrower and/or a joint venture 
of which the Borrower is a joint venture partner for use 
as retail food stores. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City 
(the "Board") by resolution to determine and set forth 
the form, terms, provisions, manner or method of issu- 
ing and selling (including negotiated as well as com- 
petitive bid sale), and the time or times of issuance, 
and any and all other details of the Bonds and the 
issuance and sale thereof, and to do any and all things 
necessary, proper or expedient in connection with the 
issuance and sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That enacting pursuant to the Enabling Law, 
it is hereby found and determined as follows: 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to lend the pro- 
ceeds thereof to the Borrower for the sole and exclusive 
purpose of financing the costs of acquisition of the Project 



1140 ORDINANCES Ord. No. 445 

will facilitate and expedite the acquisition of the Project 
by the Borrower. 

(2) The acquisition of the Project by the Borrower 
and the financing of the costs of such acquisition as pro- 
vided in the Ordinance will serve to promote the general 
purposes contemplated by the Enabling Law by (a) sus- 
taining jobs and employment in Baltimore City; (b) pro- 
moting economic development in Baltimore City; and (c) 
encouraging the increase of industry and a balanced econ- 
omy in Baltimore City. 

(3) Any and all of the Bonds and the interest thereon 
shall not be general obligations of the City and shall not 
be a pledge of or involve the faith and credit or the taxing 
power of the City, and shall not constitute a debt of the 
City, all within the meaning of Section 7 of Article XI 
of the Constitution of Maryland or within the meaning of 
any other constitutional, statutory or charter provision 
limiting or restricting the sale or issuance of bonds, notes 
or other obligations of the City, and shall be fully nego- 
tiable, payable, as to both principal and interest, solely 
from and secured solely by a pledge of the revenue derived 
from Loan repayments (both principal and interest) made 
to the City by the Borrower on account of the Loan and 
from any other moneys made available to the City for such 
purpose, all as the Board may approve by a resolution or 
resolutions adopted prior to the issuance, sale and delivery 
of the Bonds. The proceeds of the revenue bonds will be 
paid directly to a corporate trustee (to be appointed by the 
Board) or a project fund trustee (which may be the 
original purchaser of the Bonds), to be held and disbursed 
by such trustee or project fund trustee as provided in the 
Financing Agreement, to be approved by the Board in the 
Resolution ; provided, however, that if the Board finds and 
determines, pursuant to the Resolution, that the Project 
will be completed on or before the date of delivery of the 
'Bonds, the Board may provide in the Resolution that the 
proceeds of the Bonds will be paid directly to the Borrower, 
or for the account of the Borrower, to be used by the 
Borrower to pay the costs of, or to reimburse the Borrower 
for the payment of the costs of, the acquisition of the 
Project, as provided in the Financing Agreement to be 
approved by the Board in the Resolution. Payments of the 



ORDINANCES 1141 

principal of and premium (if any) and interest on the 
Loan will be paid by the Borrower directly to such trustee 
or to the original purchaser of the Bonds, its successors 
and assigns, as provided in the Financing Agreement, to 
be approved by the Board in the Resolution. No such moneys 
will be commingled with the City's funds or will be subject 
to the absolute control of the City, but will be subject 
only to such limited supervision and checks as are deemed 
necessary or desirable by the City to insure that the pro- 
ceeds of the Bonds are used to accomplish the public pur- 
poses of the Enabling Law and this Ordinance. The loan 
form of transaction authorized hereunder shall in no event 
constitute a capital project within the meaning of any 
charter or statutory provision. The public purposes ex- 
pressed in the Enabling Law are to be achieved by facili- 
tating the acquisition of the Project by the Borrower. 

(4) The City will acquire no interest in the Project 
other than (a) any general interest in the Borrower's 
property shared by all holders of the Borrower's obliga- 
tions which rank and are secured equally with the Bor- 
rower's obligations pursuant to the Financing Agreement, 
(b) any lien and security interest created by the Financing 
Agreement, and (c) any interest created by any other 
mortgage or deed of trust or other security instrument 
executed and delivered by the Borrower or any third 
party as security for the Loan or the Bonds as the Board 
may provide for and approve in the Resolution. The 
security for the Bonds shall be solely and exclusively (a) 
the absolute, irrevocable and unconditional obligations of 
the Borrower to make the pajmients required by the Fi- 
nancing Agreement, (b) moneys realized from the liquida- 
tion of any lien and security interest created by the Fi- 
nancing Agreement and of any other lien or security 
interest created with respect to any property as security 
for the Loan or the Bonds as the Board may provide for 
and approve in the Resolution, and (c) moneys realized 
from any guaranty of the Bonds or of the Loan as the 
Board may provide for and approve in the Resolution. 

'(5) The best interests of the City will be served by 
selling the Bonds at private (negotiated) sale, as author- 
ized by the Enabling Law, upon terms and conditions ap- 
proved by the Board in the Resolution. 



1142 ORDINANCES Ord. No. 445 

Sec. 2. Aiid be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $2,000,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be loaned to the Borrower under terms 
and conditions approved by the Board and set forth in a 
Resolution, and used by the Borrower for the sole and 
exclusive purpose of financing the costs of the acquisition 
of the Project. 

Sec. 3. And be it further ordained, That each of the 
Bonds shall bear the descriptive title "Baltimore City, 
Maryland Industrial Development Revenue Bonds (Food- 
arama Group, Inc. Project) Series B", provided, that the 
descriptive title may contain such other descriptive in- 
foiTnation as the Board may prescribe in the Resolution. 
The Bonds shall bear interest at the rate or rates of in- 
terest to be determined by negotiation with the original 
purchaser or purchasers of the Bonds and to be approved 
and prescribed by the Board in the Resolution. 

Sec. 4. And be it further ordained. That the definitive 
Bonds, which may be engraved, printed or typewritten, 
including a Certificate of Authentication to be endorsed 
thereon, if required by the Financing Agreement, shall be 
in such form, not inconsistent with the Enabling Law and 
the provisions of this Ordinance, as the Board may ap- 
prove in the Resolution. 

Sec. 5. And be it further ordained. That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to fur- 
ther evidence the present intent of the City to issue the 
Bonds in accordance with the ternis and provisions of 
this Ordinance. 

Sec. 6. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 



ORDINANCES 1143 

empowered, by a resolution or resolutions adopted prior 
to the issuance, sale and delivery of any of the Bonds, to: 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of the Bonds and the issuance and sale 
thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 1 of this Ordi- 
nance, pursuant to the Financing Agreement, (ii) the 
form of the Financing Agreement, as provided in the Ena- 
bling Law, and (iii) such provisions in the Financing 
Agreement as the Board may deem reasonable and proper 
for the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but 
not limited to the terms and conditions of any documents 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of the Bonds will be loaned to the 
Borrower to finance the costs of the acquisition of the 
Project; and 

(d) do any and all things necessary, proper or expedi- 
ent in connection with the issuance, sale and deliveiy of 
the Bonds. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory" or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City. All of the Bonds shall be limited 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of the revenue derived from 
Loan repayments (both principal and interest) made to 
the City by the Borrower pursuant to the Financing Agree- 
ment and from any other monej'S made available to the 



1144 ORDINANCES Ord. No. 445 

City for such purpose, all as the Board maj^ approve 
by a resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 8. Aiid be it further ordained, That the Borrower 
shall agree that : 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 9. And he it further ordained. That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian of the Cit>^ Seal, by his manual signature. 
Any trust agreement or other documents as the Board 
shall deem necessarv to effectuate the issuance, sale and 
deMve>^^ of the Bond^ shaU be executed in the np^e of 
the City and on its behalf by the Mayor of the City by 
his manual or facsimile signature, and the corporate seal 
of the City or a facsimile thereof shall be impressed or 
otherwise reproduced thereon and attested by the Custo- 
dian of the City Seal by his manual signature. In case 
any officer whose signature or a facsimile of whose sig- 
nature shall aD^^env on the Bonds or anv of the aforesaid 
documents shall cease to be such officer before the delivery 
of the Bonds or any of the other aforesaid documents, 
such signature or such facsimile shall nevertheless be valid 
and sufficient for all purposes, the same as if such officer 
had remained in office until delivery. The Mayor of the 
City, the Director of Finance of the City, the Custodian 
of the City Seal and other officials of the City are hereby 



ORDINANCES 1145 

authorized and empowered to do all such acts and thing's 
and execute such documents and certificates as the Board 
may determine by resolution to be necessary to carry out 
and comply with the provisions hereof. 

Sec. 10. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of the 
City or by the Chief, Bureau of Treasury Management of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 11. And be it further ordained. That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitution- 
ality, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the 
legislative intent that this Ordinance would have been 
passed if such illegal, invalid or unconstitutional provision, 
sentence, clause, section or part had not been included 
herein, and if the person or circumstances to which this 
Ordinance or any part hereof are inapplicable had been 
specifically exempted herefrom. 

Sec. 12. And be it further ordained, That the Bonds 
must be issued and sold within six months from the date 
on which this Ordinance is approved by the Mayor of the 
City; provided, however, that the Board, after a showing 
of good cause at a public hearing held before the Board 
prior to or after the expiration of such six month period, 
may extend the period during which the Bonds may be 
issued and sold for one additional term not to exceed six 
months from the date on which the first six mxonth period 
expired. The Board, in its sole discretion, and without 
action by the City Council, shall determine the sufficiency, 
or lack thereof, of the reasons presented for any requested 
extension of the six month period. If an extension is 



1146 ORDINANCES Ord. No. 446 

granted, notice of such extension and the reasons therefor 
must be sent to the City Council. To the extent that the 
Bonds are not issued and sold within twelve months from 
the date on which this Ordinance is approved by the Mayor 
of the City, the authority provided in this Ordinance for 
the City to issue and sell the Bonds shall expire. 

Sec. 13. And be it fuy^ther ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



No. 446 
(Council No. 819) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS— 
(1319-23 N. CHARLES PROJECT) 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore (the ''City") to issue and 
sell, at any time or from time to time and in one or 
more series, as limited obligations of the City and not 
upon its full faith and credit, its industrial develop- 
ment revenue bonds, to be designated ''Baltimore City, 
Maryland Industrial Development Revenue Bonds (1319- 
23 N. Charles Project)", in the aggregate principal 
amount not to exceed $1,000,000, pursuant to the pro- 
visions of Sub-section (50) of Article II of the Charter 
of Baltimore City (1964 Revision), as amended, for the 
sole and exclusive purposes of financing the costs, charges, 
fees and expenses in connection with the acquisition, 
improvement and renovation of the property situate at 
1319-23 N. Charles Street, and certain improvements in 
connection therewith, to be operated and/or leased to 
others to be operated, as a restaurant, office, and apart- 
ment facility by G.A.D. Limited Partnership, a Mary- 
land limited partnership, including pajment of the neces- 



ORDINANCES 1147 

sary expenses of preparing, printing and selling such 
bonds and payment of interest on such bonds during the 
period of leasing and acquisition of such property (such 
period not to exceed three years following the date of 
such bonds) ; authorizing the Mayor of the City to 
accept, on behalf of the City, a letter of intent from 
G.A.D. Limited Partnership addressed to the City dated 
October 9, 1981; making certain legislative findings; 
authorizing and empowering the Board of Finance of 
the City, prior to the issuance, sale and delivery of such 
bonds, to adopt a resolution pursuant to which the 
Board of Finance of the City shall (a) prescribe, among 
other things but not limited to, the form, terms, pro- 
visions, manner or method of issuing, selling and de- 
livering, and the time or times of issuance, and any 
and all other details of such bonds, and (b) do any 
and all things necessary, proper or expedient in con- 
nection with the issuance, sale and delivery of such 
bonds; authorizing the private (negotiated) sale of such 
bonds; providing that G.A.D. Limited Partnership shall 
agree to submit any plans and specifications to, and to 
coordinate with, the Department of Housing and Com- 
munity Development in connection with the acquisition 
and installment of such project; providing for the ex- 
piration of the authorization of the transaction approved 
by this Ordinance, if such bonds are not issued and 
sold within six months from the date this Ordinance 
is approved by the Mayor, unless the authorization is 
extended by the Board of Finance as provided in this 
Ordinance; and generally providing for and determining 
various matters and details in connection with the au- 
thorization, issuance, security, sale, delivery and pay- 
ment of such bonds. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision), as amended (the "Enabling 
Law"), empowers Mayor and City Council of Balti- 
more (the ''City") to issue, sell and deliver revenue 
bonds and to use the proceeds of the sale of such revenue 
bonds to finance undertakings for the accomplishment 
of any of the purposes, objects and powers of the City. 



1148 ORDINANCES Ord. No. 44G 

Some of the general objectives of the City, contem- 
plated by the Enabling Law, include the relief of con- 
ditions of unemplo\Tnent in Baltimore City, encouraging 
the increase of industry and a balanced economy in 
Baltimore City, promoting economic development in Bal- 
timore City, and promoting the health, welfare and safety 
of the residents of Baltimore City. 

The City has received a letter of intent dated October 9, 
1981 (the ^'Letter of Intent") from G.A.D. Limited 
Partnership, a Maryland limited partnership (the "Bor- 
rower"), pursuant to which the Borrower has requested 
the City to participate in the financing of the costs, 
charges, fees and expenses in connection with the ac- 
quisition, improvement, and renovation (from time to 
time hereinafter referred to collectively as the ''acquisi- 
tion") by the Borrower of a certain project to be located 
in Baltimore City, Maryland (the ''Project"), by issuing 
and selling industrial development revenue bonds of the 
'City in the aggregate principal amount not to exceed 
$1,000,000 (the ''Bonds") and by loaning the proceeds 
of the Bonds to the Borrower, upon the terms and con- 
ditions of a loan agreement to be entered into between 
the City and the Borrower (the "Loan Agreement"), 
as permitted by the Enabling Law (such loan being 
herein referred to as the "Loan") . 

The Project and the acquisition thereof, will consist 
generally of (a) the acquisition of the property located 
at 1319-23 N. Charles Street in Baltimore City, (b) 
the acquisition and installation in buildings located 
there, which have 20,000 square feet, more or less, of 
usable space, of any or all other improvements therein 
as may be necessary or useful in connection with the 
operation thereof. The Project will be operated by the 
Borrower for use by the Borrower or any tenant or 
tenants of the Borrower as a restaurant, office and apart- 
ment facility. 

The Loan Agreement will require Borrower (a) to 
use the proceeds of the Bonds solely to finance the com- 
pletion of the acquisition, improvement and/or renova- 
tion of the Project, payment of expenses of issuance 
of the Bonds, and payment of interest on the Bonds 



ORDINANCES 1149 

during a period not to exceed three years following the 
date of the Bonds, and (b) to make Loan payments 
which will be sufficient to enable the City to pay the 
principal of and interest and premium, if any, on the 
Bonds when and as the same shall become due and 
payable. 

As security for the Bonds, the City will enter into 
either (a) a trust agreement (the "Trust Agreement") 
with a corporate trustee (the 'Trustee") to be appointed 
by the Board of Finance of the City (the ''Board") or 
(b) an Assignment and Security Agreement (the "As- 
signment") with (i) the original purchaser of the 
Bonds (the "Original Purchaser"), if on the date of 
delivery of the Bonds the acquisition of the Project 
has been completed, or (ii) the Original Purchaser and 
a trustee (which may be the Original Purchaser) (col- 
lectively, the "Project Fund Trustee"), if on the date 
of delivery of the Bonds the acquisition of the Project 
has not been completed. Pursuant to the Trust Agree- 
ment or the Assignment, the City will assign to the 
Trustee or, if the Assignment is entered into, the 
Original Purchaser, its successors and assigns, (among 
other things) (a) all of the City's right, title and 
interest in and to and remedies under the Loan Agree- 
ment, including (without limitation) any and all security 
referred to therein, excepting only the right of the City 
to indemnification by the Borrower and to payments 
to the City for expenses incurred by the City itself, 
(b) the receipts and revenues of the City from the 
Loan, (c) certain moneys which are at any time or 
from time to time on deposit v:ith the Trustee or the 
Project Fund Trustee, (d) all right, title and interest 
in and to and remedies with respect to any and all 
other property of every description and nature from 
time to time by delivery or by writing of any kind 
conveyed, pledged, assigned or transferred, as and for 
additional security for the Bonds, by the City or by 
anyone on its behalf or v/ith its written consent, to the 
Trustee, or, if the Assignment is entered into, the 
Original Purchaser, its successors or assigns, and (e) 
all of the City's right, title and interest in and to and 
remedies under such other documents, including (with- 



1150 ORDINANCES Ord. No. 446 

out limitation) mortgages, deeds of trust, guaranties 
and security instruments, as the Board shall deem neces- 
sary to effectuate the issuance, sale and delivery of the 
Bonds and which the Board shall approve by a resolu- 
tion or resolutions (the "Resolution") to be adopted by 
the Board prior to the issuance, sale and delivery of 
any of the Bonds. 

The Bonds will be sold at a private (negotiated) sale. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to lend the proceeds 
thereof to the Borrower for the sole and exclusive pur- 
poses of financing the costs of the Project, the expenses of 
issuance of the Bonds, and interest ^vith respect to the 
Bonds during a period not to exceed three years following 
the date of the Bonds, will facilitate and expedite the com- 
pletion of the acquisition of the Project by the Borrower. 

(2) The completion of the acquisition of the Project 
by the Borrower and the financing thereof as provided in 
this Ordinance will serve to promote the general purposes 
contemplated by the Enabling Law by (a) sustaining jobs 
and employment in Baltimore City; (b) promoting eco- 
nomic development in Baltimore City; and (c) encouraging 
the increase of industry and a balanced economy in Balti- 
more City. 

(3) The Bonds and the interest thereon shall not be 
general obligations of the City, and shall not be a pledge of 
or involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. The Bonds and the interest thereon 
shall not constitute or give rise to any pecuniary liability 
of the City. The Bonds and the interest thereon shall be 



ORDINANCES 1151 

limited obligations of the City, repayable by the City solely 
from the revenue derived from Loan repayments (both 
principal and interest) made to the City by the Borrower 
on account of the Loan and from any other moneys made 
available to the City for such purpose. If a Trust Agree- 
ment is entered into, the proceeds of the Bonds will be 
paid directly to the Trustee to be held and disbursed by 
the Trustee as provided in the Trust Agreement to be ap- 
proved by the Board in the Resolution. If an Assignment 
is entered into, and the Project has not been completed 
on or before the date of delivery of the Bonds, the Board 
will provide in the Resolution that the proceeds will be 
paid directly to the Project Fund Trustee and deposited 
by the Project Fund Trustee into the Project Fund created 
under the Assignment. If an Assignment is entered into, 
and the Board finds and determines that the Project has 
been or will be completed on or before the date of delivery 
of the Bonds, the Board may provide in the Resolution 
that no Project Fund will be created under the Assign- 
ment and that the proceeds of the Bonds will be paid di- 
rectly to the Borrower, or for the account of the Borrower, 
to be used by the Borrower to pay the costs of, or to 
reimburse the Borrower for the payment of the costs of, 
the completion of the Project. Payments of the principal 
of and premium (if smy) and interest on the Loan will be 
paid by the Borrower directly to the Trustee as provided 
in the Trust Agreement or to the Original Purchaser, its 
successors and assigns, as provided in the Assignment, to 
be approved by the Board in the Resolution. No such moneys 
will be commingled with the City's funds or will be sub- 
ject to the absolute control of the City, but will be sub- 
ject only to such limited supervision and checks as are 
deemed necessary or desirable by the City to insure that 
the proceeds of the Bonds are used to accomplish the pub- 
lic purposes of the Enabling Law and this Ordinance. The 
loan form of transaction authorized hereunder shall in no 
event constitute a capital project within the meaning of 
any charter or statutor^^ provision. The public purposes 
expressed in the Enabling Law are to be achieved by fa- 
cilitating the completion of the Project by the Borrower. 

(4) The City will acquire no interest in the Project 
other than (a) any general interest in the Borrower's prop- 



1152 ORDINANCES Ord. No. 446 

erty shared by all holders of the Borrower's obligations 
which rank and are secured equally with the Borrower's 
obligations pursuant to the Loan Agreement, (b) any lien 
and security interest created by the Loan Agreement, and 
(c) any interest created by any other mortgage or deed of 
trust or other security instrument executed and delivered 
by the Borrower or any third party as security for the Loan 
or the Bonds as the Board may provide for and approve in 
the Resolution. The security for the Bonds shall be solely 
and exclusively (a) the absolute, irrevocable and uncondi- 
tional obligations of the Borrower to make the payments 
required by the Loan Agreement, (b) moneys realized from 
the liquidation of any lien and security interest created by 
the Loan Agreement and of any lien or security interest 
created with respect to any property as security for the 
Loan or the Bonds as the Board may provide for and ap- 
prove in the Resolution, and (c) moneys realized from any 
guaranty of the Bonds or of the Loan as the Board may 
provide for and approve in the Resolution. 

(5) The best interests of the City will be served by 
selling the Bonds at private (negotiated) sale, as author- 
ized by the Enabling Law, upon terms and conditions ap- 
proved by the Board in the Resolution. 

Sec. 2. And he it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
and as limited obligations of the City and not upon its 
full faith and credit, its Bonds, the Baltimore City, Mary- 
land industrial development revenue Bonds (1319-23 N. 
Charles Project), in the aggregate principal amount not 
to exceed $1,000,000, subject to the provisions of this Ordi- 
nance. The proceeds of the Bonds will be loaned to the 
Borrower pursuant to the terms and provisions of the Loan 
Agreement, to be used by the Borrower for the sole and 
exclusive purpose of financing the costs, charges, fees, and 
expenses in connection with the completion of the Project. 
The Bonds and the interest thereon shall be limited obli- 
gations of the City, repayable by the City solely from the 
revenue derived from Loan repayments (both principal 
and interest) made to the City by the Borrower pursuant 
to the Loan Agreement and from any other moneys made 



ORDINANCES 1153 

available to the City for such purpose. The security for 
the Bonds shall be solely and exclusively as provided in 
Section 1 of this Ordinance. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to fur- 
ther evidence the present intent of the City to issue the 
Bonds in accordance with the terms and provisions of this 
Ordinance. 

Sec. 4. And be it further ordained, That each of the 
Bonds shall bear the descriptive title "Baltimore City, 
Maryland Industrial Development Revenue Bond (1319-23 
N. Charles Project)", provided, that the descriptive title 
may contain such other descriptive infonnation as the 
Board may prescribe in the Resolution (e.g. ''1981 Series"). 
The Bonds shall bear interest at the rate or rates of in- 
terest to be determined by negotiation with the original 
purchaser or purchasers of the Bonds and to be approved 
and prescribed by the Board in the Resolution. 

Sec. 5. And be it further ordained, That the definitive 
Bonds, which may be engraved, printed or typewritten, 
including any Trustee's Certificate of Authentication to be 
endorsed thereon if the Trust Agreement is entered into, 
shall be in such form, not inconsistent with the Enabling 
Law and the provisions of this Ordinance, as the Board 
may approve in the Resolution. 

Sec. 6. And be it further ordained, That the Bonds shall 
be executed in the name of the City and on its behalf by 
the Mayor of the City, by his manual or facsimile signa- 
ture, and by the Director of Finance of the City, by his 
manual or facsimile signature, and the corporate seal of 
the City or a facsimile thereof shall be impressed or 
otherwise reproduced thereon and attested by the Custo- 
dian of the City Seal, by his manual signature. The Loan 
Agreement, the Trust Agreement or the Assignment and, 
where applicable, all other documents as the Board shall 
deem necessary to effectuate the issuance, sale and delivery 
of the Bonds, shall be executed in the name of the City and 



1154 ORDINANCES Ord. No. 446 

on its behalf by the Mayor of the City by his manual or 
facsimile signature, and the corporate seal of the City 
or a facsimile thereof shall be impressed or otherwise re- 
produced thereon and attested by the Custodian of the City 
Seal by his manual signature. In case any officer whose 
signature or a facsimile of whose signature shall appear 
on the Bonds or any of the aforesaid documents shall cease 
to be such officer before the delivery of the Bonds or any 
of the other aforesaid documents, such signature or such 
facsimile shall nevertheless be valid and sufficient for all 
purposes, the same as if such officer had remained in 
office until delivery. The Mayor of the City, the Director of 
Finance of the City, the Custodian of the City Seal and 
other officials of the City are hereby authorized and em- 
powered to do all such acts and things and execute such 
documents and certificates as the Board may determine 
in the Resolution to be necessary to carry out and comply 
with the provisions hereof. 

Sec. 7. And be it further ordained, That the Bonds shall 
be executed, issued and delivered at any time or from 
time to time and in one or more series and in such amount 
or amounts not exceeding, in the aggregate, the principal 
amount of $1,000,000, as the Board shall prescribe in the 
Resolution. 

Sec. 8. And be it further ordained, That the Bonds shall 
be dated, shall be in such denominations, shall be of such 
form and tenor, and shall be payable in such amounts, at 
such times and at such place or places as the Board shall 
prescribe in the Resolution. 

Sec. 9. And be it further ordained, That the Bonds may 
be subject to redemption prior to their stated maturities 
upon such terms and conditions as the Board shall pre- 
scribe in the Resolution. 

Sec. 10. And be it further ordained, That prior to the 
issuance, sale and delivery of the Bonds, the Board shall 
adopt the Resolution pursuant to which the Board shall : 

(a) prescribe the form, tenor, terms and conditions 
of and security for the Bonds ; 



4 



ORDINANCES 1155 

(b) prescribe the actual amounts, rate or rates of 
interest (or the method of determining the same), de- 
nominations, date, actual maturity or maturities, and the 
place or places of payment of the Bonds, and the terms 
and conditions and details under which the Bonds may be 
called for redemption prior to their stated maturities; 

(c) if a Trust Agreement is entered into, appoint a 
bank having trust powers, or a trust company, as Trustee 
for the Bonds and, if necessary, appoint a paying agent or 
agents for the Bonds, which may be the Trustee ; 

(d) approve the form and contents, and authorize the 
execution and delivery (where applicable) of (i) the Loan 
Agreement, (ii) the Trust Agreement or the Assignment, 
and (iii) such other documents, including (without limita- 
tion) mortgages, deeds of trust, guaranties and security 
instruments as the Board shall deem necessary to approve 
in order to effectuate the issuance, sale and delivery of the 
Bonds ; 

(e) determine the time of execution, issuance, sale and 
delivery of the Bonds and prescribe any and all other 
details of the Bonds ; 

(f) provide for the direct payment by the Borrower 
of all costs, fees and expenses incurred by or on behalf 
of the City in connection with the issuance, sale and de- 
livery of the Bonds, including (without limitation) costs 
of printing (if any) and issuing the Bonds, legal expenses 
and compensation to any person (other than full time em- 
ployees of the City) performing services by or on behalf 
of the City in connection therewith ; 

(g) if the Trust Agreement is entered into, provide 
for the issuance and sale (subject to the passage of an 
appropriate ordinance authorizing the same as may be re- 
quired by the time) of one or more series of additional 
bonds and one or more series of refunding bonds ; and 

(h) do any and all things, and authorize the officials 
of the City to do any and all things, necessary, proper or 
expedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 11. And be it further ordained, That the Loan 
Agreement and the Trust Agreement or the Assignment 



1156 ORDINANCES Ord. No. 446 

shall contain such terms, provisions and conditions, not 
inconsistent with the Enabling Law and the provisions of 
this Ordinance, as the Board shall approve in the Resolution. 

Sec. 12. And he it further ordained, That, as authorized 
by the Enabling Law, the Bonds shall be sold at private 
(negotiated) sale upon such terms and conditions as shall 
be approved by the Board in the Resolution. 

Sec. 13. And he it further ordained, That the Bonds and 

the interest thereon shall not be general obligations of the 
City and shall not be a pledge of or involve the faith and 
credit or the taxing power of the City, and shall not con- 
stitute a debt of the City, all within the meaning of Section 
7 of Article XI of the Constitution of Maryland or any 
other constitutional, statutory or charter provision limiting 
or restricting the sale or issuance of bonds, notes or other 
obligations of the City. The Bonds and the interest thereon 
shall not constitute or give rise to any pecuniary liability 
of the City. The Bonds, and the interest thereon, shall be 
limited obligations of the City, the principal of and in- 
terest on which Bonds shall be payable by the City solely 
from the revenue derived from Loan repayments (both 
principal and interest) made to the City by the Borrower 
on account of the Loan and, to the extent provided by the 
Board in the Resolution, from the proceeds of the Bonds, 
and from any other moneys made available to the City 
for such purpose. If the Trust Agreement is entered into, 
the proceeds of the Bonds will be paid directly to the 
Trustee to be held and disbursed by the Trustee as pro- 
vided in the Trust Agreement to be approved by the Board 
in the Resolution. If an Assignment is entered into and the 
Project has not been completed, the Board will provide 
in the Resolution that the proceeds will be paid directly 
to the Project Fund Trustee and deposited by the Project 
Fund Trustee into the Project Fund thereby created under 
this Assignment, or if the Assignment is entered into and 
the Board finds and determines that the Project has been 
or will be completed on or before the date of delivery of 
the revenue bonds, the Board may provide in the Resolu- 
tion that the proceeds of the revenue bonds will be paid 
directly to the Borrower, or for the account of the Bor- 
rower, to be used by the Borrower to pay the costs of, or 



ORDINANCES 1157 

to reimburse the Borrower for payment of the costs of, 
the completion of the Project, as provided in the Assign- 
ment to be approved by the Board in the Resolution. No 
such moneys will be commingled with the City's funds or 
will be subject only to the absolute control of the City, but 
will be subject only to such limited supei^vision and checks 
as are deemed necessary or desirable by the City to insure 
that the proceeds of the Bonds are used to accomplish the 
public purposes of the Enabling Law and this Ordinance. 

Sec. 14. And be it further ordained, That in considera- 
tion of the purchase and acceptance of the Bonds by those 
who shall hold the Bonds from time to time, the City does 
hereby, and by the execution and delivery of the Trust 
Agreement or the Assignment to be approved by the Board 
shall, set aside or pledge the income and revenue under 
the Loan Agreement (other than payments to the City for 
indemnification or to reimburse the City for expenses in- 
curred by the City itself) to the Trustee or, if the Assign- 
ment is entered into, the Original Purchaser, its succes- 
sors and assigns, to iDe used and applied for the payment 
of the principal of and interest on the Bonds. Pursuant 
to the terms of the Loan Agreement to be approved by 
the Board in the Resolution, payments sufficient for the 
prompt payment when due of the principal of, premium, 
if any, and interest on the Bonds are to be paid by the 
Borrower to the Trustee for the benefit of the holders of 
the Bonds, or, if the Assignment is entered into, to the 
Original Purchaser, its successors and assigns, for the 
account of the City. 

Sec. 15. And he it further ordained, That the Borrower 
shall agree that: 

(a) It will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) It and its developers will work with the design 
advisory group appointed by the Department of Housing 



1158 ORDINANCES Ord. No. 446 

and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 16. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, 
sentence, clause, section or part hereof is held illegal, 
invalid or unconstitutional or inapplicable to any person or 
circumstances, such illegality, invalidity or unconstitution- 
ality, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the 
legislative intent that this Ordinance would have been 
passed if such illegal, invalid or unconstitutional provision, 
sentence, clause, section or part had not been included 
herein, and if the person or circumstances to w^hich this 
Ordinance or any part hereof are inapplicable had been 
specifically exempted herefrom. 

Sec. 17. And be it further ordained. That if the Bonds 
are not issued and sold w^ithin six months from the date 
on which this Ordinance is approved by the Mayor of the 
City, the authorization provided in this Ordinance for the 
City to issue and sell the Bonds shall expire; provided, 
however, that the Board may, after shovdng of good cause 
at a public hearing held before the Board, extend such 
authorization for one additional term not to exceed six 
months. The Board, in its sole discretion, shall determine 
the sufficiency, or lack thereof, of the reasons presented 
for any requested extension of this Ordinance. If an 
extension is granted, notice of such extension and the 
reasons therefor must be sent to the City Council. 

Sec. 18. And be it further ordained. That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



ORDINANCES 1159 

No. 447 
(Council No. 820) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE 

BONDS— (THE BOSTON METALS COMPANY 

CHERRY HILL PROJECT) 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore (the "City") to issue and 
sell, at any time or from time to time and in one or 
more series, as limited obligations of the City and not 
upon its full faith and credit, its industrial development 
revenue bonds, to be designated "Baltimore City, Mary- 
land Industrial Development Revenue Bonds (The Boston 
Metals Company Cherry Hill Project)", in the aggre- 
gate principal amount not to exceed $700,000, pursuant 
to the provisions of Sub-section (50) of Article II of 
the Charter of Baltimore City (1964 Revision), as 
amended, for the sole and exclusive purposes of financ- 
ing the costs, charges, fees and expenses in connection 
with the acquisition, improvement, and renovation of 
the property situate at 1600 Cherry Hill Road, and cer- 
tain improvements in connection therewith, to be op- 
erated, and/or leased to others to be operated, as a crane- 
equipped manufacturing, fabricating and/or distribu- 
tion facility by The Boston Metals Company, a Mary- 
land corporation, including payment of the necessary 
expenses of preparing, printing and selling such bonds 
and payment of interest on such bonds during the 
period of leasing and acquisition of such property (such 
period not to exceed three years following the date of 
such bonds) ; authorizing the Mayor of the City to accept, 
on behalf of the City, a letter of intent from The Boston 
Metals Company addressed to the City dated October 9, 
1981; making certain legislative findings; authorizing 
and empowering the Board of Finance of the City, prior 
to the issuance, sale and delivery of such bonds, to adopt 
a resolution pursuant to which the Board of Finance 
of the City shall (a) prescribe, among other things but 
not limited to, the form, terms, provisions, manner or 
method of issuing, selling and delivering, and the time 



1160 ORDINANCES Ord. No. 447 

or times of issuance, and any and all other details of 
such bonds, and (b) do any and all things necessary, 
proper or expedient in connection with the issuance, 
sale and delivery of such bonds ; authorizing the private 
(negotiated) sale of such bonds; providing that The 
Boston Metals Company shall agree to submit any plans 
and specifications to, and to coordinate v^^ith, the De- 
partment of Housing and Community Development in 
connection with the acquisition and installment of such 
project; providing for the expiration of the authoriza- 
tion of the transaction approved by this Ordinance, if 
such bonds are not issued and sold v^thin six months 
from the date this Ordinance is approved by the Mayor, 
unless the authorization is extended by the Board of Fi- 
nance as provided in this Ordinance; and generally pro- 
viding for and determining various matters and details 
in connection with the authorization, issuance, security, 
sale, delivery and payment of such bonds. 

RECITALS 

Sub-section (50) of Article II of the Charter of 
Baltimore City (1964 Revision), as amended (the "En- 
abling Law"), empowers Mayor and City Council of 
Baltimore (the **City*') to issue, sell and deliver revenue 
bonds and to use the proceeds of the sale of such revenue 
bonds to finance undertakings for the accomplishment 
of any of the purposes, objects and powers of the City. 
Some of the general objectives of the City, contemplated 
by the Enabling Law, include the relief of conditions 
of unemployment in Baltimore City, encouraging the 
increase of industry and a balanced economy in Balti- 
more City, promoting economic development in Balti- 
more City, and promoting the health, welfare and safety 
of the residents of Baltimore City. 

The City has received a letter of intent dated October 
9, 1981 (the "Letter of Intent") from The Boston Metals 
Company, a Maryland corporation (the "Borrower"), 
pursuant to which the Borrower has requested the City 
to participate in the financing of the costs, charges, fees 
and expenses in connection with the acquisition, im- 
provement, and renovation (from time to time herein- 
after referred to collectively as the "acquisition") by 



ORDINANCES 1161 

the Borrower of a certain project to be located in Bal- 
timore City, Maryland (the "Project"), by issuing and 
selling industrial development revenue bonds of the City 
in the aggregate principal amount not to exceed $700,000 
(the "Bonds") and by loaning the proceeds of the Bonds 
to the Borrower, upon the terms and conditions of a 
loan agreement to be entered into between the City and 
the Borrower (the "Loan Agreement"), as permitted 
by the Enabling Law (such loan being herein referred 
to as the "Loan"). 

The Project and the acquisition thereof, will consist 
generally of (a) the acquisition of the lots of land lo- 
cated at 1600 Cherry Hill Road in Baltimore City, (b) 
the acquisition and installation in such building, which 
has 60,000 square feet, more or less, of usable space, 
of any or all other improvements therein as may be 
necessary or useful in connection with the operation 
thereof. The Project will be operated by the Borrower 
for use by the Borrower or any tenant or tenants of 
the Borrower as a crane-equipped manufacturing, fabri- 
cating and/or distribution facility. 

The Loan Agreement will require Borrower (a) to use 
the proceeds of the Bonds solely to finance the comple- 
tion of the acquisition, improvement and/or renovation 
of the Project, payment of expenses of issuance of the 
Bonds, and payment of interest on the Bonds during a 
period not to exceed three years following the date of 
the Bonds, and (b) to make Loan payments which will 
be sufficient to enable the City to pay the principal of 
and interest and premium, if any, on the Bonds when and 
as the same shall become due and payable. 

As security for the Bonds, the City will enter into 
either (a) a trust agreement ^the "Trust Aq-ree^ent"') 
with a corporate trustee (the "Trustee") to be appointed 
by the Board of Finance of the City (the "Board") or 
(b) an Assignment and Security Agreement (the "As- 
signment") with (i) the original purchaser of the Bonds 
(the "Original Purchaser"), if on the date of delivery 
of the Bonds the acquisition of the Project has been 
completed, or (ii) the Original Purchaser and a trustee 
(which may be the Original Purchaser) (collectively, the 



11G2 ORDINANCES Ord. No. 447 

"Project Fund Trustee"), if on the date of delivery 
of the Bonds the acquisition of the Project has not been 
completed. Pursuant to the Trust Agreement or the As- 
signm.ent, the City will assign to the Trustee or, if the 
Assignment is entered into, the Original Purchaser, its 
successors and assigns, (among other things) (a) all 
of the City's right, title and interest in and to and 
remedies under the Loan Agreement, including (without 
limitation) any and all security referred to therein, ex- 
cepting only the right of the City to indemnification by 
the Borrower and to payments to the City for expenses 
incurred by the City itself, (b) the receipts and revenues 
of the City from the Loan, (c) certain moneys which 
are at any time or from time to time on deposit with 
the Trustee or the Project Fund Trustee, (d) all right, 
title and interest in and to and remedies with respect 
to any and all other property of every description and 
nature from time to time by delivery or by writing of 
any kind conveyed, pledged, assigned or transferred, 
as and for additional security for the Bonds, by the 
City or by anyone on its behalf or vdth its written con- 
sent, to the Trustee, or, if the Assignment is entered 
into, the Original Purchaser, its successors or assigns, 
and (e) all of the City's right, title and interest in and 
to and remedies under such other documents, including 
(without limitation) mortgages, deeds of trust, guaran- 
ties and security instruments, as the Board shall deem 
necessary to effectuate the issuance, sale and delivery 
of the Bonds and which the Board shall approve by a 
resolution or resolutions (the "Resolution") to be adopted 
by the Board prior to the issuance, sale and delivery of 
any of the Bonds. 

The Bonds will be sold at a private (negotiated) sale. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That acting pursuant to the Enabling Law, it 
is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to lend the pro- 



ORDINANCES 1163 

ceeds thereof to the Borrower for the sole and exchisive 
purposes of financing- the costs of the Project, the expenses 
of issuance of the Bonds, and interest with respect to the 
Bonds during a period not to exceed three years following 
the date of the Bonds, will facilitate and expedite the 
completion of the acquisition of the Project by the Borrower. 

(2) The completion of the acquisition of the Project 
by the Borrower and the financing thereof as provided in 
this Ordinance will serve to promote the general purposes 
contemplated by the Enabling Law by (a) sustaining jobs 
and employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) The Bonds and the interest thereon shall not be 
general obligations of the City, and shall not be a pledge 
of or involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Ai^icle XI of the Constitution 
of Maryland or within the meaning of any other constitu- 
tional, statutory or charter provision limiting or restricting 
the sale or issuance of bonds, notes or other obligations of 
the City. The Bonds and the interest thereon shall not 
constitute or give rise to any pecuniary liability of the 
City. The Bonds and the interest thereon shall be limited 
obligations of the City, repayable by the City solely from 
the revenue derived from Loan repayments (both principal 
and interest) made to the City by the Borrower on account 
of the Loan and from any other moneys made available to 
the City for such purpose. If a Trust Agreement is entered 
into, the proceeds of the Bonds will be paid directly to the 
Trustee to be held and disbursed by the Trustee as pro- 
vided in the Trust Agreement to be approved by the Board 
in the Resolution. If an Assignment is entered into, and 
the Project has not been completed on or before the date 
of delivery of the Bonds, the Board will provide in the 
Resolution that the proceeds will be paid directly to the 
Project Fund Trustee and deposited by the Project Fund 
Trustee into the Project Fund created under the Assign- 
ment. If an Assignment is entered into, and the Board 
finds and determines that the Project has been or will be 
completed on or before the date of delivery of the Bonds, 



1164 ORDINANCES Ord. No. 447 

the Board may provide in the Resolution that no Project 
Fund will be created under the Assignment and that the 
proceeds of the Bonds will be paid directly to the Borrower, 
or for the account of the Borrower, to be used by the 
Borrower to pay the costs of, or to reimburse the Borrower 
for the payment of the costs of, the completion of the 
Project. Payments of the principal of and premium (if 
any) and interest on the Loan will be paid by the Borrower 
directly to the Trustee as provided in the Trust Agree- 
ment or to the Original Purchaser, its successors and 
assigns, as provided in the Assignment, to be approved 
by the Board in the Resolution. No such moneys will be 
commingled with the City's funds or will be subject to 
the absolute control of the City, but will be subject only 
to such limited supervision and checks as are deemed 
necessary or desirable by the City to insure that the pro- 
ceeds of the Bonds are used to accomplish the public pur- 
poses of the Enabling Law and this Ordinance. The loan 
form of transaction authorized hereunder shall in no event 
constitute a capital project within the meaning of any 
charter or statutory provision. The public purposes ex- 
pressed in the Enabling Law are to be achieved by facili- 
tating the completion of the Project by the Borrower. 

(4) The City will acquire no interest in the Project 
other than (a) any general interest in the Borrower's prop- 
erty shared by all holders of the Borrower's obligations 
which rank and are secured equally with the Borrower's 
obligations pursuant to the Loan Agreement, (b) any lien 
and security interest created by the Loan Agreement, and 
(c) any interest created by any other mortgage or deed of 
trust or other security instrument executed and delivered 
by the Borrower or any third party as security for the Loan 
or the Bonds as the Board may provide for and approve 
in the Resolution. The security for the Bonds shall be solely 
and exclusively (a) the absolute, irrevocable and uncon- 
ditional obligations of the Borrower to make the payments 
required by the Loan Agreement, (b) moneys realized from 
the liquidation of any lien and security interest created by 
the Loan Agreement and of any lien or security interest 
created with respect to any property as security for the 
Loan or the Bonds as the Board may provide for and ap- 
prove in the Resolution, and (c) moneys realized from any 



ORDINANCES 1165 

guaranty of the Bonds or of the Loan as the Board may pro- 
vide for and approve in the Resolution. 

(5) The best interests of the City will be served by 
selling the Bonds at private (negotiated) sale, as author- 
ized by the Enabling Law, upon terms and conditions 
approved by the Board in the Resolution. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at any 
time or from time to time and in one or more series, and 
as limited obligations of the City and not upon its full 
faith and credit, its Bonds, the Baltimore City, Maryland 
Industrial Development Revenue Bonds (The Boston Metals 
Company Cherry Hill Project) , in the aggregate principal 
amount not to exceed $700,000, subject to the provisions 
of this Ordinance. The proceeds of the Bonds will be loaned 
to the Borrower pursuant to the terms and provisions of 
the Loan Agreement, to be used by the Borrower for the 
sole and exclusive purpose of financing the costs, charges, 
fees, and expenses in connection with the completion of 
the Project. The Bonds and the interest thereon shall be 
limited obligations of the City, repayable by the City solely 
from the revenue derived from Loan repayments (both 
principal and interest) made to the City by the Borrower 
pursuant to the Loan Agreement and from any other 
moneys made available to the City for such purpose. The 
security for the Bonds shall be solely and exclusively as 
provided in Section 1 of this Ordinance. 

Sec. 3. And he it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to fur- 
ther evidence the present intent of the City to issue the 
Bonds in accordance with the terms and provisions of 
this Ordinance. 

Sec. 4. And be it further ordained, That each of the 
Bonds shall bear the descriptive title ''Baltimore City, 
Maryland Industrial Development Revenue Bond (The 
Boston Metals Company Cherry Hill Project)", provided, 
that the descriptive title may contain such other descriptive 



1166 ORDINANCES Ord. No. 447 

information as the Board may prescribe in the Resolution 
(e.g-. '^981 Series"). The Bonds shall bear interest at the 
rate or rates of interest to be determined by negotiation 
with the original purchaser or purchasers of the Bonds 
and to be approved and prescribed by the Board in the 
Resolution. 

Sec. 5. And be it further ordained, That the definitive 
Bonds, which may be engraved, printed or typewritten, 
including any Trustee's Certificate of Authentication to be 
endorsed thereon if the Trust Agreement is entered into, 
shall be in such form, not inconsistent with the Enabling 
Law and the provisions of this Ordinance, as the Board 
may approve in the Resolution. 

Sec. 6. And be it further ordained, That the Bonds shall 
be executed in the name of the City and on its behalf by 
the Mayor of the City, by his manual or facsimile signa- 
ture, and by the Director of Finance of the City, by his 
manual or facsimile signature, and the corporate seal of 
the City or a facsimile thereof shall be impressed or other- 
wise reproduced thereon and attested by the Custodian of 
the City Seal, by his manual signature. The Loan Agree- 
ment, the Trust Agreement or the Assignment and, where 
applicable, all other documents as the Board shall deem 
necessary to effectuate the issuance, sale and delivery of 
the Bonds, shall be executed in the name of the City and 
on its behalf by the Mayor of the City by his manual or 
facsimile signature, and the corporate seal of the City or 
a facsimile thereof shall be impressed or otherwise re- 
produced thereon and attested by the Custodian of the 
City Seal by his manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
nature or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian of the 
City Seal and other officials of the City are hereby author- 
ized and empowered to do all such acts and things and 
execute such documents and certificates as the Board may 



ORDINANCES 1167 

determine in the Resolution to be necessary to carry out 
and comply with the provisions hereof. 

Sec. 7. And be it further ordained, That the Bonds shall 
be executed, issued and delivered at any time or from 
time to time and in one or more series and in such amount 
or amounts not exceeding, in the aggregate, the principal 
amount of $700,000 as the Board shall prescribe in the 
Resolution. 

Sec. 8. And he it further ordained, That the Bonds shall 
be dated, shall be in such denominations, shall be of such 
form and tenor, and shall be payable in such amounts, at 
such times and at such place or places as the Board shall 
prescribe in the Resolution. 

Sec. 9. And he it further ordained. That the Bonds may 
be subject to redemption prior to their stated maturities 
upon such terms and conditions as the Board shall pre- 
scribe in the Resolution. 

Sec. 10. And he it further ordained, That prior to the 
issuance, sale and delivery of the Bonds, the Board shall 
adopt the Resolution pursuant to which the Board shall : 

(a) prescribe the form, tenor, terms and conditions of 
and security for the Bonds; 

(b) prescribe the actual amounts, rate or rates of in- 
terest (or the method of determining the same), denomi- 
nations, date, actual maturity or maturities, and the place 
or places of pajrment of the Bonds, and the terms and 
conditions and details under which the Bonds may be called 
for redemption prior to their stated maturities ; 

(c) if a Trust Agreement is entered into, appoint a 
bank having trust powers, or a trust company, as Trustee 
for the Bonds and, if necessary, appoint a paying agent 
or agents for the Bonds, which may be the Trustee; 

(d) approve the form and contents, and authorize the 
execution and delivery (where applicable) of (i) the Loan 
Agreement, (ii) the Trust Agreement or the Assignment, 
and (iii) such other documents, including (without limita- 



1168 ORDINANCES Ord. No. 447 

tion) mortgages, deeds of trust, guaranties and security 
instruments as the Board shall deem necessary to approve 
in oi'der to effectuate the issuance, sale and delivery of 
the Bonds: 

(e) determine the time of execution, issuance, sale and 
delivery of the Bonds and prescribe any and all other de- 
tails of the Bonds ; 

(f) provide for the direct payment by the Borrower 
of all costs, fees and expenses incurred by or on behalf 
of the City in connection with the issuance, sale and de- 
livery of the Bonds, including (without limitation) costs 
of printing (if any) and issuing the Bonds, legal expenses 
and compensation to any person (other than full time em- 
ployees of the City) performing services by or on behalf 
of the City in connection therewith; 

(g) if the Trust Agreement is entered into, provide 
for the issuance and sale (subject to the passage of an 
appropriate ordinance authorizing the same as may be 
required by the time) of one or more series of additional 
bonds and one or more series of refunding bonds; and 

(h) do any and all things, and authorize the officials 
of the City to do any and all things, necessary, proper or 
expedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 11. And be it further ordained, That the Loan Agree- 
ment and the Trust Agreement or the Assignment shall 
contain such terms, provisions and conditions, not incon- 
sistent with the Enabling Law and the provisions of this 
Ordinance, as the Board shall approve in the Resolution. 

Sec. 12. And be it further ordained, That, as authorized 
by the Enabling Law, the Bonds shall be sold at private 
(negotiated) sale upon such terms and conditions as shall 
be approved by the Board in the Resolution. 

Sec. 13. And be it further ordained, That the Bonds and 
the interest thereon shall not be general obligations of the 
City and shall not be a pledge of or involve the faith and 
credit or the taxing power of the City, and shall not con- 
stitute a debt of the City, all within the meaning of Sec- 



ORDINANCES 1169 

tion 7 of Article XI of the Constitution of Maryland or 
any other constitutional, statutory or charter provision 
limiting or restricting the sale or issuance of bonds, notes 
or other obligations of the City. The Bonds and the in- 
terest thereon shall not constitute or give rise to any 
pecuniary liability of the City. The Bonds, and the inter- 
est thereon, shall be limited obligations of the City, the 
principal of and interest on which Bonds shall be payable 
by the City solely from the revenue derived from Loan 
repayments (both principal and interest) made to the City 
by the Borrower on account of the Loan and, to the extent 
provided by the Board in the Resolution, from the pro- 
ceeds of the Bonds, and from any other moneys made 
available to the City for such purpose. If the Trust Agree- 
ment is entered into, the proceeds of the Bonds will be 
paid directly to the Trustee to be held and disbursed by the 
Trustee as provided in the Trust Agreement to be approved 
by the Board in the Resolution. If an Assignment is en- 
tered into and the Project has not been completed, the 
Board will provide in the Resolution that the proceeds 
will be paid directly to the Project Fund Trustee and de- 
posited by the Project Fund Trustee into the Project Fund 
thereby created under this Assignment, or if the Assign- 
ment is entered into and the Board finds and determines 
that the Project has been or will be completed on or before 
the date of delivery of the revenue bonds, the Board may 
provide in the Resolution that the proceeds of the revenue 
bonds will be paid directly to the Borrower, or for the 
account of the Borrower, to be used by the Borrower to 
pay the costs of, or to reimburse the Borrower for pay- 
ment of the costs of, the completion of the Project, as 
provided in the Assignment to be approved by the Board 
in the Resolution. No such moneys will be commingled 
with the City's funds or will be subject to the absolute 
control of the City, but will be subject only to such limited 
supervision and checks as are deemed necessary or de- 
sirable by the City to insure that the proceeds of the Bonds 
are used to accomplish the public purposes of the Enabling 
Law and this Ordinance. 

Sec. 14. And be it further ordained, That in considera- 
tion of the purchase and acceptance of the Bonds by those 
who shall hold the Bonds from time to time, the City does 



1170 ORDINANCES Ord. No. 447 

hereby, and by the execution and dehvery of the Trust 
Agreement or the Assignment to be approved by the 
Board shall, set aside or pledge the income and revenue 
under the Loan Agreement (other than pajmients to the 
City for indemnification or to reimburse the City for 
expenses incurred by the City itself) to the Trustee or, 
if the Assignment is entered into, the Original Purchaser, 
its successors and assigns, to be used and applied for the 
payment of the principal of and interest on the Bonds. 
Pursuant to the terms of the Loan Agreement to be ap- 
proved by the Board in the Resolution, payments sufficient 
for the prompt payment when due of the principal of, 
premium, if any, and interest on the Bonds are to be paid 
by the Borrower to the Trustee for the benefit of the 
holders of the Bonds, or, if the Assignment is entered into, 
to the Original Purchaser, its successors and assigns, for 
the account of the City. 

Sec. 15. And be it further ordained, That the Borrower 
shall agree that: 

(a) It Vvill submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse ap- 
proval of any plans and specifications for aesthetic or 
functional reasons; and 

(b) It and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 16. And he it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutionality, 
or inapplicability shall not aflfect or impair any of the 
remaining provisions, sentences, clauses, sections, or pai-ts 
of this Ordinance or their application to other persons or 
circumstances. It is hereby declared to be the legislative 
intent that this Ordinance would have been passed if 
such illegal, invalid or unconstitutional provision, sentence. 



ORDINANCES 1171 

clause, section or part had not been included herein, and 
if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 17. A7id be it further ordained, That, if the Bonds 
are not issued and sold ^\athin six months from the date 
on which this Ordinance is approved by the Mayor of the 
City, the authorization provided in this Ordinance for 
the City to issue and sell the Bonds shall expire ; provided, 
however, that the Board may, after showing of good cause 
at a public hearing held before the Board, extend such 
authorization for one additional term not to exceed six 
months. The Board, in its sole discretion, shall deteiTnine 
the sufficiency, or lack thereof, of the reasons presented 
for any requested extension of this Ordinance. If an exten- 
sion is granted, notice of such extension and the reasons 
therefor must be sent to the City Council. 

Sec. 18. And he it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 448 
(Council No. 821) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS— 
(ERDMAN SHOPPING CENTER PROJECT) 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore (the *'City") to issue and 
sell, at any time or from time to time and in one or 
more series, as limited obligations of the City and not 
upon its full faith and credit, its industrial development 
revenue bonds, to be designated "Baltimore City, Mary- 
land Industrial Development Revenue Bonds (Erdman 
Shopping Center Project)", in the aggregate principal 



]172 ORDINANCES Ord. No. 448 

amount not to exceed $3,500,000, pursuant to the pro- 
visions of Sub-section (50) of Article II of the Charter 
of Baltimore City (1964 Revision), as amended, for the 
sole and exclusive purposes of financing the costs, 
charges, fees and expenses in connection with improve- 
ment, razing, rehabilitation, and renovation of the prop- 
erty situate at 3833-3951 Erdman Avenue, and certain 
improvements in connection therewith, to be operated, 
under lease to others, as a community shopping center 
facility by Goldman & Klein Associates, a Maryland 
limited partnership, including pajrment of the necessary 
expenses of preparing, printing and selling such bonds 
and payment of interest on such bonds during the period 
of leasing and acquisition of such property (such period 
not to exceed three years follov^dng the date of such 
bonds) ; authorizing the Mayor of the City to accept, 
on behalf of the City, a letter of intent from Goldman 
& Klein Associates addressed to the City dated October 
9, 1981 ; making certain legislative findings ; authorizing 
and empowering the Board of Finance of the City, prior 
to the issuance, sale and delivery of such bonds, to adopt 
a resolution pursuant to which the Board of Finance of 
the City shall (a) prescribe, among other things but 
not limited to, the form, terms, provisions, manner or 
method of issuing, selling and delivering, and the time 
or times of issuance, and any and all other details of 
such bonds, and (b) do any and all things necessary, 
proper or expedient in connection with the issuance, sale 
and delivery of such bonds; authorizing the private 
(nesfotiated) sale of such bonds; providing that Goldman 
& Klein Associates shall agree to submit any plans and 
specifications to, and to coordinate with, the Department 
of Housing and Community Development in connection 
with the acquisition and installment of such project; 
providing for the expiration of the authorization of the 
transaction approved by this Ordinance, if such bonds 
are not issued and sold within six months from the date 
this Ordinance is approved by the Mayor, unless the 
authorization is extended by the Board of Finance as 
provided in this Ordinance; and generally providing for 
and determining various matters and details in connec- 
tion with the authorization, issuance, security, sale, de- 
livery and payment of such bonds. 



ORDINANCES 1173 



RECITALS 



Sub-section (50) of Article II of the Charter of Bal- 
timore City (1964 Revision), as amended (the "Enabling 
Law'*), empowers Mayor and City Council of Baltimore 
(the "City") to issue, sell and deliver revenue bonds and 
to use the proceeds of the sale of such revenue bonds 
to finance undertakings for the accomplishment of any 
of the purposes, objects and powers of the City. Some 
of the general objectives of the City, contemplated by 
the Enabling Law, include the relief of conditions of un- 
employment in Baltimore City, encouraging the increase 
of industry and a balanced economy in Baltimore City, 
promoting economic development in Baltimore City, and 
promoting the health, welfare and safety of the resi- 
dents of Baltimore City. 

The City has received a letter of intent dated October 
9, 1981 (the "Letter of Intent") from Goldman & Klein 
Associates, a Maryland limited partnership (the "Bor- 
rower"), pursuant to which the Borrower has requested 
the City to participate in the financing of the costs, 
charges, fees and expenses in connection with the leas- 
ing, acquisition, improvement, and renovation (from 
time to time hereinafter referred to collectively as the 
"acquisition") by the Borrower of a certain project to 
be located in Baltimore City, Maryland (the "Project"), 
by issuing and selling charter bonds of the City in the 
aggregate principal amount not to exceed $3,500,000 (the 
"Bonds") and by loaning the proceeds of the Bonds to 
the Borrower, upon the terms and conditions of a loan 
agreement to be entered into between the City and the 
Borrower (the "Loan Agreement"), as permitted by 
the Enabling Law (such loan being herein referred to 
as the "Loan"). 

The Project will consist generally of (a) the im- 
provement, razing, rehabilitation, and renovation of 
property located at 3833-3951 Erdman Avenue in Bal- 
timore City, (b) installation in buildings located there 
which have 135,000 square feet, more or less, of aggre- 
gate usable space, of any or all other improvements 
therein as may be necessary or useful in connection with 
the operation thereof. The Project will be operated by 



1174 ORDINANCES Ord. No. 448 

the Borrower for use by the Borrower or any tenant 
or tenants of the Borrower as a community shopping 
center. 

The Loan Agreement will require Borrower (a) to 
use the proceeds of the Bonds solely to finance the com- 
pletion of the improvement, razing, rehabilitation, and 
renovation of the Project, payment of expenses of is- 
suance of the Bonds, and payment of interest on the 
Bonds during a period not to exceed three years fol- 
lowing the date of the Bonds, and (b) to make Loan 
payments which will be sufficient to enable the City to 
pay the principal of and interest and premium, if any, 
on the Bonds when and as the same shall become due 
and payable. 

As security for the Bonds, the City will enter into 
either (a) a trust agreement (the "Trust Agreement") 
with a corporate trustee (the "Trustee") to be appointed 
by the Board of Finance of the City (the "Board") or (b) 
an Assignment and Security Agreement (the "Assign- 
ment") with (i) the original purchaser of the Bonds 
(the "Original Purchaser"), if on the date of deliver>^ 
of the Bonds the acquisition of the Project has been 
completed, or (ii) the Original Purchaser and a trustee 
(which may be the Original Purchaser) (collectively, the 
"Project Fund Trustee"), if on the date of delivery of 
the Bonds the acquisition of the Project has not been 
completed. Pursuant to the Trust Agreement or the 
Assignment, the City will assign to the Trustee or, if 
the Assignment is entered into, the Original Purchaser, 
its successors and assigns, (among other things) (a) 
all of the City's right, title and interest in and to and 
remedies under the Loan Agreement, including (without 
limitation) any and all security referred to therein, 
excepting only the right of the City to indemnification 
by the Borrower and to payments to the City for ex- 
penses incurred by the City itself, (b) the receipts and 
revenues of the City from the Loan, (c) certain moneys 
which are at any time or from time to time on deposit 
with the Trustee or the Project Fund Trustee, (d) all 
right, title and interest in and to and remedies with 
respect to any and all other property of every descrip- 
tion and nature from time to time by delivery or by 



ORDINANCES 1175 

writing of any kind conveyed, pledged, assigned or trans- 
ferred, as and for additional security for the Bonds, by 
the City or by anyone on its behalf or with its written 
consent, to the Trustee, or, if the Assignment is entered 
into, the Original Purchaser, its successors or assigns, 
and (e) all of the City's right, title and interest in and 
to and remedies under such other documents, including 
(without limitation) mortgages, deeds of trust, guaran- 
ties and security instruments, as the Board shall deem 
necessary to effectuate the issuance, sale and delivery 
of the Bonds and which the Board shall approve by a 
resolution or resolutions (the ^'Resolution") to be adopted 
by the Board prior to the issuance, sale and delivery 
of any of the Bonds. 

The Bonds will be sold at a private (negotiated) sale. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That acting pursuant to the Enabling Law, it 
is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to lend the pro- 
ceeds thereof to the Borrower for the sole and exclusive 
purposes of financing the costs of the Project, the ex- 
penses of issuance of the Bonds, and interest with respect 
to the Bonds during a period not to exceed three years 
following the date of the Bonds, will facilitate and ex- 
pedite the completion of the acquisition of the Project 
by the Borrower. 

(2) The completion of the acquisition of the Project 
by the Borrower and the financing thereof as provided in 
this Ordinance will serve to promote the general purposes 
contemplated by the Enabling Law by (a) sustaining jobs 
and employment in Baltimore City; (b) promoting eco- 
nomic development in Baltimore City; and (c) encouraging 
the increase of industry and a balanced economy in Balti- 
more City. 

(3) The Bonds and the interest thereon shall not be 
general obligations of the City, and shall not be a pledge 



1176 ORDINANCES Ord. No. 448 

of or involve the faith and credit or the taxing power of 
the City, and shall not constitute a debt of the City, all 
within the meaning of Section 7 of Article XI of the 
Constitution of Marj^land or within the meaning of any 
other constitutional, statutory or chai-ter provision limiting 
or restricting the sale or issuance of bonds, notes or other 
obligations of the City. The Bonds and the interest thereon 
shall not constitute or give rise to any pecuniai*>^ liability 
of the City. The Bonds and the interest thereon shall be 
limited obligations of the City, repayable by the City 
solely from the revenue derived from Loan repayments (both 
principal and interest) made to the City by the Borrower 
on account of the Loan and from any other moneys made 
available to the City for such pui-pose. If a Trust Agree- 
ment is entered into, the proceeds of the Bonds will be 
paid directly to the Trustee to be held and disbursed by 
the Trustee as provided in the Trust Agreement to be 
approved by the Board in the Resolution. If an Assign- 
ment is entered into, and the Project has not been com- 
pleted on or before the date of delivery of the Bonds, 
the Board will provide in the Resolution that the proceeds 
will be paid directly to the Project Fund Trustee and de- 
posited by the Project Fund Trustee into the Project Fund 
created under the Assignment. If an Assignment is entered 
into, and the Board finds and determines that the Project 
has been or will be completed on or before the date of 
delivery of the Bonds, the Board may pro\ide in the Reso- 
lution that no Project Fund will be created under the 
Assignment and that the proceeds of the Bonds will be 
paid directly to the Borrower, or for the account of the 
Borrower, to be used by the Borrower to pay the costs 
of, or to reimburse the Borrower for the payment of the 
costs of, the completion of the Project. Payments of the 
principal of and premium (if any) and interest on the 
Loan will be paid by the Borrower directly to the Trustee 
as provided in the Trust Agreement or to the Original 
Purchaser, its successors and assigns, as provided in the 
Assignment, to be approved by the Board in the Resolu- 
tion. No such moneys will be commingled with the City^s 
funds or \rill be subject to the absolute control of the 
City, but will be subject only to such limited supervision 
and checks as are deemed necessary or desirable by the 
City to insure that the proceeds of the Bonds are used 



ORDINANCES 1177 

to accomplish the public purposes of the Enabling Law 
and this Ordinance. The loan form of transaction author- 
ized hereunder shall in no event constitute a capital project 
within the meaning of any charter or statutory provision. 
The public purposes expressed in the Enabling Law are 
to be achieved by facilitating the completion of the Project 
by the Borrower. 

(4) The City will acquire no interest in the Project 
other than (a) any general interest in the Borrower's 
property shared by all holders of the Borrower's obliga- 
tions which rank and are secured equally with the Bor- 
rower's obligations pursuant to the Loan Agreement, (b) 
any lien and security interest created by the Loan Agree- 
ment, and (c) any interest created by any other mortgage 
or deed of trust or other security instrument executed 
and delivered by the Borrower or any third party as se- 
curity for the Loan or the Bonds as the Board may provide 
for and approve in the Resolution. The security for the 
Bonds shall be solely and exclusively (a) the absolute, irre- 
vocable and unconditional obligations of the Borrower to 
make the payments required by the Loan Agreement, (b) 
moneys realized from the liquidation of any lien and se- 
curity interest created by the Loan Agreement and of any 
lien or security interest created with respect to any prop- 
erty as security for the Loan or the Bonds as the Board 
may provide for and approve in the Resolution, and (c) 
moneys realized from any guaranty of the Bonds or of 
the Loan as the Board may provide for and approve in 
the Resolution. 

(5) The best interests of the City will be served by 
selling the Bonds at private (negotiated) sale, as authorized 
by the Enabling Law, upon terms and conditions approved 
by the Board in the Resolution. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
and as limited obligations of the City and not upon its 
full faith and credit, its Bonds, the Baltimore City, Mary- 
land Industrial Development Revenue Bonds (Erdman 
Shopping Center Project), in the aggregate principal 
amount not to exceed $3,500,000, subject to the provisions 



1178 ORDINANCES Ord. No. 448 

of this Ordinance. The proceeds of the Bonds will be 
loaned to the Borrower pursuant to the terms and pro- 
visions of the Loan Agreement, to be used by the Borrower 
for the sole and exclusive puiiDOse of financing the costs, 
charges, fees, and expenses in connection with the com- 
pletion of the Project. The Bonds and the interest thereon 
shall be limited obligations of the City, repayable by the 
City solely from the revenue derived from Loan repay- 
ments (both principal and interest) made to the City by 
the Borrower pursuant to the Loan Agreement and from 
any other moneys made available to the City for such 
purpose. The security for the Bonds shall be solely and 
exclusively as provided in Section 1 of this Ordinance. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to fur- 
ther evidence the present intent of the City to issue the 
Bonds in accordance with the terms and provisions of 
this Ordinance. 

Sec. 4. And be it further ordained, That each of the 
Bonds shall bear the descriptive title ''Baltimore City, 
Maryland Industrial Development Revenue Bond (Erdman 
Shopping Center Project)", provided, that the descriptive 
title may contain such other descriptive infoiTnation as 
the Board may prescribe in the Resolution (e.g. '*1981 
Series") . The Bonds shall bear interest at the rate or rates 
of interest to be determined by negotiation with the original 
purchaser or purchasers of the Bonds and to be approved 
and prescribed by the Board in the Resolution. 

Sec. 5. And be it further ordained, That the definitive 
Bonds, which may be engraved, printed or typewritten, 
including any Trustee's Certificate of Authentication to 
be endorsed thereon if the Trust Agreement is entered 
into, shall be in such form, not inconsistent with the Ena- 
bling Law and the provisions of this Ordinance, as the 
Board may approve in the Resolution. 

Sec. 6. And be it further ordained. That the Bonds shall 
be executed in the name of the City and on its behalf by 



ORDINANCES 1179 

the Mayor of the City, by his manual or facsimile signa- 
ture, and by the Director of Finance of the City, by his 
manual or facsimile signature, and the corporate seal of 
the City or a facsimile thereof shall be impressed or other- 
wise reproduced thereon and attested by the Custodian 
of the City Seal, by his manual signature. The Loan Agree- 
ment, the Trust Agreement or the Assignment and, where 
applicable, all other documents as the Board shall deem 
necessary to effectuate the issuance, sale and delivery of 
the Bonds, shall be executed in the name of the City and 
on its behalf by the Mayor of the City by his manual or 
facsimile signature, and the corporate seal of the City or 
a facsimile thereof shall be impressed or otherwise re- 
produced thereon and attested by the Custodian of the City 
Seal by his manual signature. In case any officer whose 
signature or a facsimile of whose signature shall appear 
on the Bonds or any of the aforesaid documents shall 
cease to be such officer before the delivery of the Bonds 
or any of the other aforesaid documents, such signature 
or such facsimile shall nevertheless be valid and sufficient 
for all purposes, the same as if such officer had remained 
in office until delivery. The Mayor of the City, the Director 
of Finance of the Cit\% the Custodian of the City Seal and 
other officials of the City are hereby authorized and em- 
powered to do all such acts and things and execute such 
documents and certificates as the Board may determine in 
the Resolution to be necessary to carry out and comply 
with the provisions hereof. 

Sec. 7. And be it further ordained, That the Bonds shall 
be executed, issued and delivered at any time or from time 
to time and in one or more series and in such amount or 
amounts not exceeding, in the aggregate, the principal 
amount of $3,500,000, as the Board shall prescribe in the 
Resolution. 

Sec. 8. And he it further ordained, That the Bonds shall 
be dated, shall be in such denominations, shall be of such 
form and tenor, and shall be payable in such amounts, at 
such times and at such place or places as the Board shall 
prescribe in the Resolution. 

Sec. 9. And be it further ordained, That the Bonds may 
be subject to redemption prior to their stated maturities 



1180 ORDINANCES Ord. No. 448 

upon such teiins and conditions as the Board shall pre- 
scribe in the Resolution. 

Sec. 10. And be it further ordained. That prior to the 
issuance, sale and deliveiy of the Bonds, the Board shall 
adopt the Resolution pursuant to which the Board shall : 

(a) prescribe the form, tenor, terms and conditions 
of and security for the Bonds ; 

(b) prescribe the actual amounts, rate or rates of in- 
terest (or the method of determining the same), denomi- 
nations, date, actual maturity or maturities, and the place 
or places of payment of the Bonds, and the terms and 
conditions and details under which the Bonds may be called 
for redemption prior to their stated maturities; 

(c) if a Trust Agreement is entered into, appoint a 
bank having trust powers, or a trust company, as Trustee 
for the Bonds and, if necessary, appoint a paying agent 
or agents for the Bonds, which may be the Trustee; 

(d) approve the form and contents, and authorize the 
execution and delivery (where applicable) of (i) the Loan 
Agreement, (ii) the Trust Agreement or the Assignment, 
and (iii) such other documents, including (without limita- 
tion) mortgages, deeds of trust, guaranties and security 
instruments as the Board shall deem necessary to approve 
in order to effectuate the issuance, sale and deliveiy of the 
Bonds; 

(e) determine the time of execution, issuance, sale 
and delivery of the Bonds and prescribe any and all other 
details of the Bonds; 

(f) provide for the direct payment by the Borrower 
of all costs, fees and expenses incurred by or on behalf of 
the City in connection with the issuance, sale and delivery 
of the Bonds, including (without limitation) costs of print- 
ing (if any) and issuing the Bonds, legal expenses and 
compensation to any person (other than full time em- 
ployees of the City) performing services by or on behalf 
of the City in connection therewith ; 

(g) if the Trust Agreement is entered into, provide 
for the issuance and sale (subject to the passage of an 



ORDINANCES 1181 

appropriate ordinance authorizing the same as may be re- 
quired by the time) of one or more series of additional 
bonds and one or more series of refunding bonds; and 

(h) do any and all things, and authorize the officials 
of the City to do any and all things, necessary, proper or 
expedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 11. And be it further ordained. That the Loan 
Agreement and the Trust Agreement or the Assignment 
shall contain such terms, provisions and conditions, not 
inconsistent with the Enabling Law and the provisions of 
this Ordinance, as the Board shall approve in the Resolution. 

Sec. 12. And he it further ordained, That, as authorized 
by the Enabling Law, the Bonds shall be sold at private 
(negotiated) sale upon such terms and conditions as shall 
be approved by the Board in the Resolution. 

Sec. 13. And he it further ordained , That the Bonds and 
the interest thereon shall not be general obligations of the 
City and shall not be a pledge of or involve the faith and 
credit or the taxing power of the City, and shall not con- 
stitute a debt of the City, all within the meaning of Section 
7 of Article XI of the Constitution of Maryland or any 
other constitutional, statutory or charter provision limiting 
or restricting the sale or issuance of bonds, notes or other 
obligations of the City. The Bonds and the interest thereon 
shall not constitute or give rise to any pecuniary liability 
of the City. The Bonds, and the interest thereon, shall 
be limited obligations of the City, the principal of and 
interest on w^hich Bonds shall be payable by the City solely 
from the revenue derived from Loan repayments (both 
principal and interest) made to the City by the Borrower 
on account of the Loan and, to the extent provided by the 
Board in the Resolution, from the proceeds of the Bonds, 
and from any other moneys made available to the City for 
such purpose. If the Trust Agreement is entered into, the 
proceeds of the Bonds will be paid directly to the Trustee 
to be held and disbursed by the Trustee as provided in the 
Trust Agreement to be approved by the Board in the Reso- 
lution. If an Assignment is entered into and the Project has 
not been completed, the Board will provide in the Resolution 



1182 ORDINANCES Ord. No. 448 

that the proceeds will be paid directly to the Project Fund 
Trustee and deposited by the Project Fund Trustee into 
the Project Fund thereby created under this Assignment, 
or if the Assignment is entered into and the Board finds 
and determines that the Project has been or will be com- 
pleted on or before the date of delivery of the revenue 
bonds, the Board may provide in the Resolution that the 
proceeds of the revenue bonds will be paid directly to the 
Borrower, or for the account of the Borrower, to be used 
by the Borrower to pay the costs of, or to reimburse the 
Borrower for payment of the costs of, the completion of 
the Project, as provided in the Assignment to be approved 
by the Board in the Resolution. No such moneys will be 
commingled with the City's funds or will be subject to the 
absolute control of the City, but will be subject only to 
such limited supervision and checks as are deemed neces- 
sary or desirable by the City to insure that the proceeds 
of the Bonds are used to accomplish the public purposes 
of the Enabling Law and this Ordinance. 

Sec. 14. And be it further ordained, That in considera- 
tion of the purchase and acceptance of the Bonds by those 
who shall hold the Bonds from time to time, the City does 
hereby, and by the execution and delivery of the Trust 
Agreement or the Assignment to be approved by the Board 
shall, set aside or pledge the income and revenue under 
the Loan Agreement (other than payments to the City for 
indemnification or to reimburse the City for expenses in- 
curred by the City itself) to the Trustee or, if the Assign- 
ment is entered into, the Original Purchaser, its successors 
and assigns, to be used and applied for the payment of 
the principal of and interest on the Bonds. Pursuant to the 
terms of the Loan Agreement to be approved by the Board 
in the Resolution, payments sufficient for the prompt pay- 
ment vrhen due of the principal of, premium, if any, and 
interest on the Bonds are to be paid by the Borrower to 
the Trustee for the benefit of the holders of the Bonds, or, 
if the Assignment is entered into, to the Original Pur- 
chaser, its successors and assigns, for the account of the 
City. 

Sec. 15. And be it further ordained, That the Borrower 
shall agree that: 



I 



ORDINANCES 1183 

(a) It will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) It and its developers v^ill v^^ork with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 16. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, 
sentence, clause, section or part hereof is held illegal, in- 
valid or unconstitutional or inapplicable to any person or 
circumstances, such illegality, invalidity or unconstitution- 
ality, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other 
persons or circumstances. It is hereby declared to be the 
legislative intent that this Ordinance would have been 
passed if such illegal, invalid or unconstitutional provision, 
sentence, clause, section or part had not been included 
herein, and if the person or circumstances to which this 
Ordinance or any part hereof are inapplicable had been 
specifically exempted herefrom. 

Sec. 17. And be it further ordained, That if the Bonds 
are not issued and sold within six months from the date 
on which this Ordinance is approved by the Mayor of the 
City, the authorization provided in this Ordinance for the 
City to issue and sell the Bonds shall expire; provided, 
however, that the Board may, after showing of good 
cause at a public hearing held before the Board, extend 
such authorization for one additional term not to exceed 
six months. The Board, in its sole discretion, shall determine 
the sufficiency, or lack thereof, of the reasons presented 
for any requested extension of this Ordinance. If an ex- 
tension is granted, notice of such extension and the reasons 
therefor must be sent to the City Council. 



1184 ORDINANCES Ord. No. 449 

Sec. 18. And be it further ordained, That this Ordinance 
shall take from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 449 
(Council No. 822) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS— 
(HOBELMANN PORT SERVICES, INC. PROJECT) 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore (the "City") to issue 
and sell, at any time or from time to time and in one 
or more series, as limited obligations of the City and 
not upon its full faith and credit, its industrial develop- 
ment revenue bonds, in the aggregate principal amount 
not to exceed $5,000,000, pursuant to the provisions of 
Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision), as amended, for the sole 
and exclusive purpose of financing the costs of the com- 
pletion by Chesapeake Venture, Inc., a Maryland cor- 
poration, which is a wholly-owned subsidiary of Hobel- 
mann Port Services, Inc., a Delaware corporation, of a 
certain project in Baltimore City consisting of the ac- 
quisition and improvement of real property located at 
1900 Chesapeake Avenue in Baltimore City, and the 
improvement of other real property owmed or leased 
by Hobelmann Port Services, Inc. or its wholly-owned 
subsidiary, Chesapeake Venture, Inc., in Fairfield, Balti- 
more City, including the construction of a deep water 
berth, all of which will be used in connection with the 
business of importing automobiles ; authorizing the Mayor 
of the City, on behalf of the City, to accept the letter 
of intent dated October 9, 1981 from Hobelmann Port 
Services, Inc. to the City; making ceii:ain legislative 
findings; authorizing and empowering the Board of Fi- 



ORDINANCES 1185 

nance of the City, by a resolution or resolutions adopted 
prior to the issuance, sale and delivery of any series of 
such bonds, to (a) prescribe, among other things, but 
not limited to, the form, terms, provisions, manner or 
method of issuing and selling (including negotiated as 
well as competitive bid sale), and the time or times of 
issuance, and any and all other details of such bonds, 
and (b) do any and all things necessary, proper or 
expedient in connection with the issuance and sale of 
such bonds; providing that Hobelmann Port Services, 
Inc. shall agree to submit any plans and specifications 
to, and to coordinate with, the Department of Housing 
and Community Development in connection with the 
completion of such project; providing that such bonds 
(or bond anticipation notes issued in anticipation of 
the issuance of such bonds) must be issued and sold 
within six months from the date this Ordinance is ap- 
proved by the Mayor, unless the Board of Finance ap- 
proves one six month extension as provided in this 
Ordinance; authorizing the issuance of notes in antici- 
pation of the issuance of such revenue bonds; and gen- 
erally providing for and determining various matters 
and details in connection with the issuance and sale of 
such bonds and bond anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision), as amended, (the ''Enabling 
Law"), empowers Mayor and City Council of Baltimore 
(the "City") to borrow money to finance undertakings 
for the accomplishment of any of the purposes, objects 
and powers of the City and in connection therewith to 
issue bonds, notes, or other obligations (including re- 
funding bonds, notes or other obligations), all of which 
shall be fully negotiable, payable, as to both principal 
and interest, solely from and secured solely by a pledge 
of (I) the revenues from or arising in connection with 
the property, facilities, developments and improvements 
whose financing is undertaken by the issuance of such 
bonds, notes or other obligations, (II) the revenues from 
or arising in connection with anj^ contracts, mortgages or 
other securities purchased or otherAvise acquired with 



1186 ORDINANCES Ord. No. 449 

the proceeds of such bonds, notes or other obligations, 
(III) the contracts, mortgag-es or other securities pur- 
chased or otherwise acquired with the proceeds of such 
bonds, notes or other obligations, or (IV) any combina- 
tion of (I), (II) or (III). The purposes, objects and 
powers of the City contemplated by the Enabling Law 
include the relief of conditions of unemployment in Bal- 
timore City, encouraging the increase of industiy and a 
balanced economy in Baltimore City, promoting economic 
development in Baltimoi^ City, and promoting the health, 
welfare and safety of the residents of Baltimore City. 

The City has received a letter of intent dated Octo- 
ber 9, 1981 (the '^Letter of Intent") from Hobelmann 
Port Services, Inc., a Delaware corporation (the Parent), 
pursuant to which the Parent has requested the City to 
participate in the financing of the costs of the comple- 
tion by Chesapeake Venture, Inc., a Maryland corpora- 
tion (the Borrower) , which is a wholly-owned subsidiary 
of the Parent, of a certain project in Baltimore City, 
Maryland (the "Project"), by issuing and selling the 
City's industrial development revenue bonds in the ag- 
gregate principal amount not to exceed $5,000,000 (the 
''Bonds"), and by making the proceeds of the Bonds 
available to the Borrower to be used by the Borrower 
for the sole and exclusive puii^ose of financing the costs 
of the completion of the Project by the Borrower. 

The Project, which is an ''undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist generally 
of (a) the acquisition of 9.72 acres of real property 
located at 1900 Chesapeake Avenue in Baltimore City, 
(b) the construction of a building containing approxi- 
mately 30,000 square feet for use in its business of im- 
porting automobiles on said property, (c) the construc- 
tion of a deep water berth on property located at 2001 
Chesapeake Avenue in Baltimore City, and (d) grading, 
paving and other improvements of facilities owned or 
leased by the Borrower in Faii*field, Baltimore City, as 
may be necessary or useful in connection with the opera- 
tion of Borrower's business. 

The Enabling Law provides that the City may au- 
thorize and empower the Board of Finance of the City 



ORDINANCES 1187 

(the "Board") by resolution to determine and set forth 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 

NOW, THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW : 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the costs of completion of 
the Project, will facilitate and expedite the completion of 
the Project by the Borrower. 

(2) The completion of the Project by the Borrower, 
and the financing of the costs of such completion as pro- 
vided in this Ordinance, will serve to promote the general 
purposes contemplated by the Enabling Law by (a) sus- 
taining jobs and employment in Baltimore City; (b) pro- 
moting economic development in Baltimore City; and (c) 
encouraging the increase of industry and a balanced econ- 
omy in Baltimore City. 

(3) Any and all of the Bonds shall not be general ob- 
ligations of the City, and shall not be a pledge of, or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all vnthin 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other constitu- 
tional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obligations 
of the City. All of the Bonds shall be limited obligations 
of the City, and shall be fully negotiable, payable, as to 
both principal and interest, solely from and secured solely 
by a pledge of (I) the revenues from or arising in connec- 
tion with the Project, (U) the revenues from or arising 



1188 ORDINANCES Ord. No. 449 

in connection with any contracts, mortgages or other se- 
curities purchased or otherwise acquired with the proceeds 
of the Bonds, (III) the contracts, mortgages or other se- 
curities purchased or otherwise acquired with the pro- 
ceeds of the Bonds, or (IV) any combination of (I), (II) 
or (III), all as the Board may approve by a resolution or 
resolutions adopted prior to the issuance, sale and delivery 
of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full 
faith and credit, its industrial development revenue bonds, 
in the aggregate principal amount not to exceed $5,000,000 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower under 
terms and conditions approved by the Board and set forth 
in a Resolution, and used by the Borrower for the sole and 
exclusive purpose of financing the costs of the completion 
of the Project. 

Sec. 3. And be it further ordained, That this Ordinance 

constitutes the present intent of the City to issue the 
Bonds, and the Mayor of the City is hereby authorized 
to accept the Letter of Intent on behalf of the City in order 
to further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions of 
this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolutions adopted prior 
to the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of the Bonds and the issuance and sale 
thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 



ORDINANCES 1189 

nance, pursuant to a trust agreement or similar agree- 
ment, (ii) the form of any such trust agreement or similar 
agreement, as provided in the Enabling Law, and (iii) 
such provisions in any such trust agreement or similar 
agreement as the Board may deem reasonable and proper 
for the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but 
not limited to the terms and conditions of any documents 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der v^hich the proceeds of the Bonds v^ill be made available 
to the Borrower to finance the costs of the completion of 
the Project; and 

(d) do any and all things necessary, proper or expe- 
dient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all 
of the Bonds shall not be general obligations of the City 
and shall not be a pledge of or involve the faith and credit 
or the taxing power of the City, and shall not constitute 
a debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City. All of the Bonds shall be limited 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that: 



1190 ORDINANCES Ord. No. 449 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community De- 
velopment for approval, and that the Department of Hous- 
ing and Community Development may refuse approval of 
any plans and specifications for aesthetic or functional 
reasons ; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all 
of the Bonds shall be executed in the name of the City 
and on its behalf by the Mayor of the City, by his manual 
or facsimile signature, and by the Director of Finance 
of the City, by his manual or facsimile signature, and the 
corporate seal of the City, or a facsimile thereof, shall be 
impressed or otherwise reproduced thereon and attested 
by the Custodian of the City Seal, by his manual signature. 
Any trust agreement or other documents as the Board 
shall deem necessary to effectuate the issuance, sale and 
delivery of the Bonds shall be executed in the name of the 
City and on its behalf by the Mayor of the City by his 
manual or facsimile signature, and the corporate seal of 
the City or a facsimile thereof shall be impressed or other- 
wise reproduced thereon and attested by the Custodian of 
the City Seal by his manual signature. In case any officer 
whose signature, or a facsimile of whose signature, shall 
appear on the Bonds or any of the aforesaid documents shall 
cease to be such officer before the delivery of the Bonds 
or any of the other aforesaid documents, such signature or 
such facsimile shall nevertheless be valid and sufficient for 
all purposes, the same as if such officer had remained in 
office until delivery. The Mayor of the City, the Director 
of Finance of the City, the Custodian of the City Seal 
and other officials of the City are hereby authorized and 
empowered to do all such acts and things, and execute 
such documents and certificates as the Board may deter- 
mine by resolution to be necessary to carry out and comply 
with the provisions hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 



ORDINANCES 1191 

mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of the 
City or by the Chief, Bureau of Treasury Management, 
of the City, or by such other appropriate official of the 
City as may be designated by the Mayor of the City to 
execute such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1981 Cu- 
mulative Supplement) , as amended (the ''Bond Anticipation 
Note Enabling Legislation")- Reference in this Ordinance 
to the ''Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of such bond anticipation notes ; 

(c) approve the terms and conditions, including but 
not limited to the terms and conditions of any documents 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes will 
be made available to the Borrower to finance the costs of 
the completion of the Project; and 

(d) do any and all things necessary, proper or expedi- 
ent in connection with the issuance, sale and delivery of 
such bond anticipation notes. 



1192 ORDINANCES Ord. No. 449 

In accordance with the Bond Anticipation Note Enabling 
Legislation, the City hereby covenants to pay any bond 
anticipation notes issued pursuant to this Section of this 
Ordinance and the interest thereon from the proceeds of 
the Bonds in anticipation of the sale of which such notes 
are issued, and the City hereby further covenants to issue 
such Bonds, as the case may be, when, and as soon as, 
the reason for deferring the issuance of the bonds no longer 
exists. The timely issuance of such Bonds, however, is 
dependent upon matters not within the control of the City, 
including (without limitation) the existence of a purchaser 
or purchasers for such Bonds at the time the reason for 
deferring the issuance of the Bonds no longer exists and 
the effectiveness of various actions taken by the Borrower, 
its officers, agents and employees. 

Sec. 10. A7id be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitution- 
ality, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the legis- 
lative intent that this Ordinance would have been passed if 
such illegal, invalid or unconstitutional provision, sentence, 
clause, section or part had not been included herein, and 
if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And he it further ordained, That either the 
Bonds or bond anticipation notes issued pursuant to Sec- 
tion 9 of this Ordinance in anticipation of the issuance of 
the Bonds must be issued and sold within six months from 
the date on which this Ordinance is approved by the i\Iayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months from 



ORDINANCES 1193 

the date on which the first six month period expired. The 
Board, in its sole discretion, and without action by the City 
Council, shall determine the sufficiency, or lack thereof, of 
the reasons presented for any requested extension of the 
six month period. If an extension is granted, notice of 
such extension and the reasons therefor must be sent to 
the City Council. To the extent that neither the Bonds nor 
such bond anticipation notes are issued and sold within 
twelve months from the date on which this Ordinance is 
approved by the Mayor of the City, the authority provided 
in this Ordinance for the City to issue and sell the Bonds 
and such bond anticipation notes shall expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



No. 450 
(Council No. 823) 

AN ORDINANCE concerning 

ISSUANCE OF INDUSTRIAL DEVELOPMENT 

REVENUE BONDS— WEST LOMBARD STREET 

PARKING FACILITY PROJECT 

FOR the purpose of authorizing and providing for the is- 
suance from time to time, by The Mayor and City Council 
of Baltimore, Maryland of its revenue bonds, designated 
"Industrial Development Revenue Bonds (West Lombard 
Street Parking Facility Project)" in an aggregate prin- 
cipal amount not exceeding $7,500,000 pursuant to the 
provisions of Sections 266A through 266-1, inclusive, of 
Article 41 of the Annotated Code of Maryland (1978 
Replacement Volume and 1980 Cumulative Supplement) 
or Subsection (50) of Article II of the Charter of Bal- 
timore City (1964 Revision, as amended) in order to 
loan the proceeds to C C & F Baltimore Associates 



1194 ORDINANCES Ord. No. 450 

Limited Partnership, a limited partnership to be formed 
or such other industrial concern consisting of such cor- 
poration, partnership or joint venture as may be desig- 
nated by the Mayor and City Council of Baltimore 
acting through the Mayor as the nominee of such City, 
for the sole and exclusive purpose of financing the acqui- 
sition of certain parking facilities in the City of Balti- 
more as provided in this ordinance; making certain 
legislative findings, among others, concerning the public 
benefit and purpose of the revenue bonds; providing 
that such revenue bonds (a) shall be payable solely and 
only from revenue derived from payments to the City on 
account of such loan and (b) shall not ever constitute 
within the meaning of any constitutional or charter pro- 
vision or otherwise (i) an indebtedness of Mayor and 
City Council of Baltimore, or any other political sub- 
division or (ii) a charge against the general credit or 
taxing powers of such City; providing that this ordi- 
nance shall constitute a commitment by such City to 
issue the revenue bonds so authorized ; providing for the 
private (negotiated) sale of such revenue bonds unless 
the City Council or Board of Finance of Baltimore, Mary- 
land, upon the request of the Developer, shall deter- 
mine by resolution to sell such revenue bonds at public 
sale; providing that certain matters pertaining to such 
revenue bonds, including (without limitation) amounts 
and dates of any series of such revenue bonds, shall be 
determined administratively at or prior to the time of 
such sale of any series of such revenue bonds; dele- 
gating various matters to the Board of Finance of the 
City, including (without limitation) the sale of any 
series of such revenue bonds, the establishment of the 
interest rate or rates at the time of such sale and the 
appointment of a trustee or escrow agent to act under 
the ordinance as a trustee or escrow agent for all moneys 
received by the City hereunder; providing that there 
shall be determined by resolution or by other appropriate 
action all other matters pertaining to the issuance, sale 
and delivery of any series of such revenue bonds, in- 
cluding (without limitation) the provisions of trust be- 
tween the City and the trustee, the execution of a loan 
agreement or such other contracts, agreements or in- 
struments which the City may deem appropriate to effect 



ORDINANCES 1195 

the financing of the parking facilities, the creation of 
a loan or construction fund to be held by the trustee or 
escrow agent and provision for its disbursement, pro- 
vision for the investment of moneys held by the trustee 
or escrov^ agent, provision of remedies for bondholders 
in the event of default, and provision for the enactment 
of supplemental ordinances and resolutions; providing 
that the authorization of such revenue bonds shall 
expire if such revenue bonds are not issued and sold 
vdthin a certain time from the date on which this ordi- 
nance is approved, unless such authorization is extended 
by the Board of Finance as provided herein; and gen- 
erally providing for and determining various matters in 
connection with the authorization, issuance, security, sale 
and payment of such revenue bonds. 

RECITALS 

Sections 266A through 266-1, inclusive, of Article 41 
of the Annotated Code of Maryland (1978 Replacement 
Volume and 1980 Cumulative Supplement), as re-enacted, 
with amendments, by Chapter 352 of the Laws of Mary- 
land of 1972, as amended, (the "Act") constitute those 
provisions of Maryland law authorizing the issuance 
of industrial revenue bonds by all the counties and mu- 
nicipalities of the State of Maryland (the "State"). 

The Act now empowers the counties and municipali- 
ties of the State (including the Mayor and City Council 
of Baltimore) to issue revenue bonds and to loan the 
proceeds of the sale of such revenue bonds to an "in- 
dustrial concern" to finance the "acquisition" by such 
concern of "industrial buildings", as those terms are 
defined in the Act. The Act declares it to be the legisla- 
tive purpose to relieve conditions of unemployment in 
the State, to encourage the increase of industry and a 
balanced economy in the State, to assist in the reten- 
tion of existing industry in the State, to promote eco- 
nomic development, and in this manner to promote the 
health, welfare, and safety of the residents of each of 
the counties and municipalities of the State. 

Subsection (50) — Revenue Bonds and Obligations of 
Article II of the Charter of Baltimore City (1964 Re- 



1196 ORDINANCES Ord. No. 450 

vision, as amended) (''Subsection 50") authorizes the 
Mayor and City Council of Baltimore to borrow money 
through the issuance and sale of its revenue bonds for 
the accomplishment of any of the purposes, objects and 
powers of the City (the Act and Subsection 50 being 
herein collectively referred to as the ''Enabling Legis- 
lation"). 

Mayor and City Council of Baltimore (the "City") 
has determined to issue and sell not exceeding §7,500,000 
aggregate principal amount of its revenue bonds, here- 
inafter designated "Industrial Development Revenue 
Bonds (West Lombard Street Parking Facility Project)" 
(the "Bonds") and to loan the proceeds of such Bonds 
to C C & F Baltimore Associates Limited Partnership, 
a limited partnership to be formed or such other in- 
dustrial concern consisting of such corporation, part- 
nership or joint venture or other entity as may be 
designated by the City acting through the Mayor as the 
nominee of the City (the "Developer") on the terms and 
conditions to be set forth in a loan agreement executed 
pursuant to this ordinance (the "Loan Agreement") in 
order to finance the acquisition of certain parking facili- 
ties in the City as described below (the "Facilities"). 

The Facilities consist of a multi-story parking facility 
having approximately 750 spaces to be located in the 
vicinity of the block bounded by Lombard, Howard and 
Pratt Streets and Hopkins Place in the City, machinery 
or equipment necessary or useful for the parking fa- 
cility, and the site or interests in land necessary or 
desirable for the parking facility, together with roads, 
or other rights of access, utilities or other necessary 
facilities. The financing of the acquisition of the Facilities 
may involve the leasing of the Facilities to an entity 
other than the Developer in order to provide for efficient 
management of the Facilities. It is intended that this 
ordinance constitute an ordinance or resolution within 
the meaning of Section 266B(d) of the Act. 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Legis- 
lation, it is hereby found and determined, as follows : 



ORDINANCES 1197 

(1) The issuance of revenue bonds by the City pur- 
suant to the Enabling Legislation in order to loan the pro- 
ceeds to the Developer for the sole and exclusive purpose 
of acquiring the Facilities will facilitate and expedite 
the acquisition of the Facilities by the Developer; 

(2) The accomplishment of the transactions contem- 
plated and authorized by this ordinance, including (with- 
out limitation) the acquisition of the Facilities by the De- 
veloper and the financing thereof will (i) sustain and in- 
crease jobs and employment, thereby relieving conditions 
of unemplojonent in the State and in the City; (ii) en- 
courage the increase of industry and a balanced economy 
in the State and in the City; (iii) assist in the retention of 
existing industry in the State and in the City; (iv) pro- 
mote economic development; and (v) promote the health, 
welfare and safety of the residents of the City and of the 
State. 

(3) In addition to authorizing the City itself to acquire 
and either to lease or to sell such facilities to an indus- 
trial concern, the Enabling Legislation, as an alternative 
procedure, authorizes financing of the Facilities to be ac- 
complished in the form of a loan to the Developer. The 
loan form of transaction avoids indirect costs and burdens 
on the City by not requiring any direct involvement by 
the City in the acquisition, ownership or administration 
of such facilities; however, it permits controls to be im- 
posed on the use of the proceeds of the Bonds to insure 
that the public purposes of the Enabling Legislation and 
the Bonds are fully accomplished. It is, therefore, in the 
best interests of the citizens of the City to finance the Facil- 
ities by a loan to the Developer. This ordinance contem- 
plates and authorizes a transaction in the form of a loan 
of the proceeds of the Bonds by the City to the Developer, 
rather than a transaction in the form of a lease or sale of 
the Facilities. Accordingly, this ordinance and the Loan 
Agreement hereby authorized contain such provisions as 
the City deems appropriate to effect the financing of the 
Facilities by the loan form of transaction. 

(4) Neither the Bonds nor interest coupons issued un- 
der the authority of the Enabling Legislation constitute 
an indebtedness of the City or a charge against the general 



1198 ORDINANCES Ord. No. 450 

credit or taxing powers of the City within the meaning 
of any constitutional provision or provisions of the City 
Charter or statutory limitation and shall never constitute 
or give rise to any pecuniary liability of the City. The 
principal of and interest on the Bonds shall be payable 
from, and secured solely and only by a pledge of, the reve- 
nues derived from loan repayments under the Loan Agree- 
ment. The principal amount of the loan and the payments 
to be made by the Developer pursuant to the Loan Agree- 
ment will be paid directly to, and will be disbursed by, the 
independent trustee or escrow agent appointed by the 
Board of Finance of the City pursuant hereto; no such 
moneys will be commingled with the City's funds or be 
subject to the absolute control of the City but only to such 
limited supervision and checks as are deemed necessaiy or 
desirable to insure that the proceeds of the Bonds are 
used to accomplish the public purposes of the Enabling 
Legislation and this ordinance. The Act provides that a 
loan form of transaction thereunder shall not constitute 
a capital project within the meaning of any charter or 
statutory provision. The public purposes expressed in the 
Enabling Legislation are intended to be achieved by facil- 
itating the acquisition of the Facilities by the Developer. 

(5) The security for the Bonds shall be solely and ex- 
clusively the absolute, irrevocable, unconditional obligation 
of the Developer to make the pajonents required by the 
Loan Agreement. Accordingly, this ordinance definitely 
fixes and determines that the amount of revenue necessary 
to be set apart and applied to the pa\Tnent of principal, 
interest and premium of the Bonds shall be the entire 
amount of the receipts and revenues of the City from pay- 
ments under the Loan Agreement except for any rights of 
the City to indemnification and to payments for the City's 
administrative expenses. 

(6) (a) No part or proportion of the receipts and 
revenues of the City from the loan shall be set aside as a 
depreciation account (mentioned in the Act) since such 
a depreciation account would (i) be inconsistent with the 
transactions authorized hereby and (ii) place an unreason- 
able burden on the Developer so as to adversely affect the 
feasibility of the transactions and thus frustrate the leg- 
islative purposes of the Act and (b) a covenant such as 



ORDINANCES 1199 

that permitted by Section 266G(c) of the Act need be in- 
cluded in the Loan Agreement authorized hereby. 

Sec. 2. And he it further ordained, That this ordinance 
is intended to be, and shall constitute, a binding and en- 
forceable commitment by the City to the Developer to issue 
and deliver the Bonds authorized hereby in accordance 
with the terms hereof. It is contemplated that the Devel- 
oper may proceed with the acquisition of the Facilities 
prior to the issuance and delivery of the Bonds authorized 
hereby in reliance upon the enactment of this ordinance 
by the City. 

Sec. 3. And be it further ordained. That the issuance, 
sale and delivery of not exceeding $7,500,000 aggregate 
principal amount of revenue bonds, hereby designated 
"Industrial Development Revenue Bonds (West Lombard 
Street Parking Facility Project)", are hereby authorized, 
subject to the provisions of this ordinance, such Bonds 
to be solely and exclusively payable from, and secured by, 
the revenue derived from payments on the loan to the 
Developer as provided herein. The aggregate principal 
amount of Bonds issued, sold and delivered pursuant to 
this ordinance shall not exceed $7,500,000 unless such 
amount shall be increased by an ordinance supplemental 
hereto. 

The City Council hereby recognizes the function of the 
Mayor and the Board of Finance in making the executive 
and administrative determinations necessary for the issu- 
ance of bonds of the City. This ordinance, therefore, pro- 
vides that the Board of Finance may make certain admin- 
istrative determinations in connection with the issuance 
and sale of the Bonds, such determinations to be effective 
only after approval by the Mayor or Acting Mayor. The 
provisions of this ordinance (including Sections 3, 4, 5, 
6, 7 and 9 hereof) contemplate that prior to the sale of 
any series of Bonds, certain matters in connection with 
the authorization, issuance, security, sale and payment of 
the Bonds will be determined administratively by resolution 
or resolutions of the Board of Finance of the City. Such del- 
egation of authority to the Board of Finance is subject, how- 
ever, to the authority of the City Council (prior to (1) the 



1200 ORDINANCES Ord. No. 450 

date of submission of an underwriting agreement or bond 
purchase agreement to the underwriters for, or any pur- 
chasers of, any series of Bonds (such date to be deter- 
mined by the Board of Finance in accordance with Sec- 
tion 5 hereof) or (2) in the event the series of Bonds 
is sold at public sale, the date of distribution of a pre- 
liminary official statement, offering memorandum, or simi- 
lar document in connection with the sale of the Bonds, or 
(3) in any event, the sale of the Bonds) to make any 
or all determinations, by administrative resolution or other 
appropriate action, which are authorized to be made by 
the Board of Finance pursuant to this ordinance, in which 
event, all such determinations made by the City Council 
shall be effective without further action by, and be binding 
on, the Board of Finance. 

The Bonds authorized by this ordinance may be issued 
in one or more series, and each such series shall be identi- 
fied by a letter designation, so that the first series (if the 
issuance of more than one series of Bonds hereunder is 
then contemplated) shall be designated ''Industrial Devel- 
opment Revenue Bonds (West Lombard Street Parking 
Facility Project), Series A". The Bonds may be redesig- 
nated by the Board of Finance by resolution in order to 
reflect the name of the entity to whom the loan is to be 
made, to set forth the then-current name of the Facilities 
or to clarify any matters relating to the Facilities or the 
Developer. The Bonds may be further identified by the 
year of issue or such other appropriate designation as 
the Board of Finance may determine by resolution adopted 
prior to the delivery of the Bonds. The aggregate prin- 
cipal amount of Bonds to be issued pursuant to this ordi- 
nance at any one time shall be determined by the Board 
of Finance by resolution adopted prior to the delivery of 
the Bonds. 

In the event more than one series of Bonds is issued 
hereunder, it is contemplated that a separate series (which 
may be evidenced by a single instrument) of notes or 
other obligations of the Developer (evidencing the obliga- 
tion of the Developer to repay the loan from the City) be 
issued to correspond with, and secure, each separate series 
of Bonds issued hereunder. 



ORDINANCES 1201 

Unless the Board of Finance shall specify a different 
date in its resolution hereinafter described the Bonds of a 
series of Bonds shall be dated as of the first day of the 
month next following the date on which such series of 
Bonds is sold and shall bear interest at an annual rate 
or rates payable semi-annually following the date of such 
series of Bonds. 

IThe Bonds of each series of Bonds issued hereunder 
shall mature on such date or dates as may be determined 
in the manner hereinafter described, but the last maturity 
of any such series of Bonds shall in no event exceed a 
period of thirty (30) years from the date of such series 
of Bonds (or such later date as may be permitted under the 
terms of the Enabling Legislation in effect on the date 
of such series of Bonds). If no maturity or maturities for 
a series of Bonds is determined in the manner hereinafter 
described, all of the Bonds of such series shall mature on 
the date thirty (30) years from the date of such series 
of Bonds (or such later date as may be permitted under 
the terms of the Enabling Legislation in effect on the 
date of such series of Bonds) . 

Sec. 4. And be it further ordained, That, prior to the 
delivery of any series of Bonds, the Board of Finance 
shall adopt a resolution or resolutions which shall pre- 
scribe the principal amount of Bonds to be issued as a 
series at any one time, the maturity or maturities, the 
redemption provisions, and the sinking fund requirements, 
if any, for such series of Bonds. 

Prior to the delivery of any series of Bonds, the Board 
of Finance may also adopt a resolution or resolutions 
which may prescribe (i) the date of issue of such series 
of Bonds, (ii) any additional terms necessary or appro- 
priate to reflect any matters provided by resolution and 
(iii) such other matters as may be deemed appropriate 
by the Board of Finance. 

Any resolution or resolutions adopted pursuant to this 
section of this ordinance shall be deemed to be of an admin- 
istrative nature and shall be effective upon approval by 
the Mayor or Acting Mayor of the City. 



1202 ORDINANCES Ord. No. 450 

Sec. 5. And he it further ordained, That, unless other- 
wise provided by a resolution of the Board of Finance 
adopted upon request of the Developer, each series of the 
Bonds shall be sold at private (negotiated) sale as author- 
ized by the Enabling Legislation, upon the terms and con- 
ditions determined by the Board of Finance as hereinafter 
authorized. 

Authority is hereby conferred on the Board of Finance 
of the City to take all necessaiy and appropriate actions on 
behalf of the City to effect the sale of the Bonds to an 
undel•^vriter for the Bonds selected by the Developer and 
approved by the Board of Finance or to effect the direct 
placement of the Bonds with one or more financial insti- 
tutions or other qualified institutions or other qualified 
investors, such actions to include, but are not limited to, 
the following: 

(1) to prepare and distribute, in conjunction vn.\h 
representatives of the Developer and the prospective under- 
writers for or purchasers of each series of the Bonds, both 
a preliminary and a final official statement in connection 
with the sale of each series of the Bonds, if such pre- 
liminary official statement and final official statement are 
determined to be necessary or desirable for the sale of 
each of the Bonds; provided, hotvever, that any such pre- 
liminary official statement shall be clearly marked to indi- 
cate that it is subject to completion and amendment; 

(2) if the series of the Bonds are sold at private 
(negotiated) sale, to determine the date, time and place 
when an underwriting or purchase agreement shall be sub- 
mitted by the underwriters or purchasers of the series of 
the Bonds, such agreement to specify the interest rate or 
rates proposed to be paid on the Bonds of the series, the 
price at which such series of the Bonds are to be sold to 
such undenvriters or purchasers, and such other matters 
as the underwriters or purchasers and the Board of Finance 
may deem necessary or desirable in order to sell and de- 
liver the series of the Bonds ; 

(3) if the series of the Bonds is sold at public sale, 
to determine the date, time and place when proposals will 
be accepted for the series of the Bonds, such proposals to 
specify the interest rate or rates proposed to be paid on 



ORDINANCES 1203 

Bonds of the series, the price to be paid for the series of 
the Bonds, and such other matters as the Developer and 
the Board of Finance may deem necessary or desirable in 
•order to sell and deliver the series of the Bonds and to 
award the series of the Bonds at public sale to the success- 
ful bidder for the series of the Bonds ; 

(4) if the series of the Bonds is to be placed directly 
with one or more financial institutions or other qualified 
investors, to specify the conditions under which the series 
of the Bonds are to be placed directly with such financial 
institutions or other qualified investors and to approve the 
terms of any commitment for the purchase of the series 
of the Bonds, provided, kotvever, that such direct place- 
ment and such commitment complies with all applicable 
securities laws ; 

(5) to appoint a bank having trust powers, or a trust 
company, as trustee for the Bonds to be issued pursuant 
to this ordinance; 

(6) to determine the interest rate or rates to be paid 
•by the City on the Bonds, but only after the Developer 
shall have given the City written approval of such interest 
rate or rates through the Developer's acceptance of the 
terms of any agreement executed and delivered by the 
City for the sale of the Bonds or of the terms of any com- 
mitment issued for the purchase of the Bonds ; and 

(7) in order to insure that each series of the Bonds 
is issued without direct cost to the City, to provide for 
the payment, directly by the Developer, of all costs, fees 
and expenses incurred by or on behalf of the City in con- 
nection with the issuance of each series of the Bonds, 
such payments to include (without limitation) compensa- 
tion to any persons (other than full-time employees of the 
City) performing services by or on behalf of the City in 
connection with the transactions contemplated by this 
ordinance. 

Authority is hereby conferred on the Mayor or Acting 
Mayor of the City to take the following actions and to 
make the following commitments on behalf of the City: 

(a) to execute and deliver a loan agreement by and 
between the City and the Developer in the form deter- 



1204 ORDINANCES Ord. No. 450 

mined by resolution of the Board of Finance approved by 
the Mayor or Acting Mayor as authorized by Section 7 
of this ordinance; and 

(b) if the series of the Bonds are sold at private 
(negotiated) sale, to execute and deliver, as a binding 
and enforceable obligation of the City, the underwriting 
or purchase agreement for the Bonds by and between the 
City and the underwriters or purchasers of the Bonds 
and to accomplish any and all actions necessary or deemed 
appropriate by any of them to issue and deliver the 
Bonds to such underwriters or purchasers in accordance 
with the provisions of this ordinance and the underwriting 
or purchase agreement; 

(c) if the series of the Bonds is sold at public sale, 
to execute and deliver any and all documents necessary 
or deemed appropriate by the Developer and such City 
officials to consummate the sale of the series of the Bonds 
at public sale and to accomplish any and all actions neces- 
sary or deemed appropriate by either of them to issue 
and deliver the series of the Bonds to such undenvriters 
or purchasers in accordance with the provisions of this 
ordinance and the contract of sale vnth the successful bid- 
der for the series of the Bonds. 

Sec. 6. And be it further ordained, That, in authorizing 
the sale of revenue bonds to finance the Facilities for the 
Developer pursuant to the Enabling Legislation, the 
Mayor and Board of Finance are hereby empowered to 
provide that the revenue bonds authorized by this ordi- 
nance and any revenue bonds authorized for such pur- 
pose by other ordinances, may be consolidated and sold 
as one or more issues or series of revenue bonds, without 
regard to the date of enactment of any ordinance au- 
thorizing the issuance of such revenue bonds. The aggre- 
gate principal amount of revenue bonds authorized by this 
ordinance may be increased, from time to time, and the 
description of the Facilities may be supplemented or modi- 
fied by ordinances supplemental to this ordinance. Nothing 
contained in this ordinance is intended to require the 
adoption of an ordinance supplemental to this ordinance 
to authorize the deletion of any one or more items of the 
parking facilities constituting the Facilities. The Mayor 



ORDINANCES 1205 

and Board of Finance are hereby expressly authorized, in 
their discretion and based upon their determinations from 
time to time, to omit any part of the Facilities from the 
Facilities to be financed by revenue bonds issued pursuant 
to this ordinance. It is the purpose and intent of this 
section that the Mayor and Board of Finance be afforded 
broad discretion in the structuring and scheduling of reve- 
nue bond issues, whether authorized by this ordinance or 
otherwise, to finance the Facilities for the Developer in 
order that the public purpose of the Enabling Legislation 
and this ordinance may be realized. 

Sec. 7. And be it further ordained, That, prior to the 
sale of any series of Bonds, the Board of Finance of the 
City may (without limitation) deteiTtiine administratively 
by resolution or by other appropriate action: 

(1) the provisions of trust between the City and the 
trustee ; 

(2) the manner of execution, authentication, registra- 
tion and transfer of the Bonds; 

(3) provisions for authentication and delivery of the 
bonds; 

(4) the provisions of the Loan Agreement between the 
City and the Developer and of such other contracts, agree- 
ments or instruments as the Board of Finance of the City 
may deem appropriate to effect the financing of the 
Facilities ; 

(5) the terms of the note or other evidence of the 
obligation of the Developer issued for each series of Bonds; 

(6) provision for creation, holding and disbursement 
of an escrow fund to be held by the trustee or escrow agent ; 

(7) provisions for creation, holding and disbursement 
of any other funds and accounts to be held by the trustee ; 

(8) provisions for the application of receipts and reve- 
nues from the City on account of the loan; 

(9) provisions for the security for and investment of 
moneys held by the trustee or escrow agent; 



1206 ORDINANCES Ord. No. 450 

(10) the details of the procedure for the redemption 
of the Bonds; 

(11) remedies for holders of the Bonds in the event of 
default ; 

(12) the duties, rights and immunities of the trustee 
or escrow agent ; 

(13) the manner of execution of instruments by holders 
of the Bonds and the method of proof of o^\^lership of the 
Bonds; 

(14) provisions for modification of this ordinance, the 
Loan Agreement, and any resolution or other action of the 
Mayor, City Council and Board of Finance pertaining to 
the Bonds; 

(15) provisions for defeasance; 

(16) the fomis of the Bonds, coupons and the authen- 
tication certificate; 

(17) provisions for redesignating the Bonds ^^^th a 
designation different from that given in this ordinance ; and 

(18) such other matters in connection with the author- 
ization, issuance, security, sale and pajonent of the Bonds 
as may be deemed appropriate by the Board of Finance. 

Any resolution or resolutions adopted pursuant to this 
ordinance shall be deemed to be of an administrative nature 
and shall be effective upon approval by the Mayor or Act- 
inpf ]Mavor of the Citv. 



Sec. 8. And be it further ordained, That the Developer 
shall agree that : 

(a) It will submit any plans and specifications for the 
acquisition of the Facilities to the Department of Housing 
and Community Development for approval, with the under- 
standing that, in addition to the economic feasibility of 
the acquisition of the Facilities, the Department of Hous- 
ing and Community Development may consider, without 
limitation, the suitability of any site plan, architectural 



ORDINANCES 1207 

treatment, building plans, elevations, materials, color con- 
struction details, access, parking, loading, landscaping, 
identification signs, exterior lighting, refuse collection de- 
tails, streets, sidewalks, and harmony between the plans 
and the surroundings of the proposed Facilities and that 
the Department of Housing and Community Development 
may refuse approval of any such plans and specifications 
for aesthetic or functional reasons; and 

(b) It and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 9. And he it further ordained, That if the Bonds 
are not issued and sold within eighteen months from the 
date on which this ordinance is approved by the Mayor or 
Acting Mayor of the City, the authorization provided in 
this ordinance for the City to issue and sell the Bonds 
shall expire; provided however, that the Board of Finance 
of the City may, after a showing of good cause at a public 
hearing held before the Board of Finance, extend such 
authorization for two additional terms not to exceed nine 
months each. The Board of Finance, in its sole discretion, 
shall determine the sufficiency, or lack thereof, of the rea- 
sons presented for any requested extension of this ordi- 
nance. If an extension is granted, notice of such extension 
and the reasons therefor shall be sent to the City Council. 

Sec. 10. And be it further ordained, That the provisions 
of this ordinance are severable, and if any provision, sen- 
tence, clause, section or part thereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of the 
remaining provisions, sentences, clauses, sections or parts 
of the ordinance or their application to other persons or 
circumstances. It is hereby declared to be the legislative 
intent that this ordinance w^ould have been adopted if such 
illegal, invalid or unconstitutional provision, sentence, 
clause, section or part had not been included therein, as 
if the person or circumstances to which the ordinance or 
any part thereof is inapplicable had been specifically ex- 
empted therefrom. 



1208 ORDINANCES Ord. No. 451 

Sec. 11. A7id be it further ordained, That this ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 451 
(Council No. 824) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS- 
DAVID H. MURDOCK DEVELOPMENT COMPANY 
(AREA 20 PARKING PROJECT) 

FOR the puiTDOse of authorizing and empowering Mayor 
and City Council of Baltimore (the ''City") to issue, 
sell and deliver, at any time or from time to time and 
in one or more series, as limited obligations of the City 
and not upon its full faith and credit, its Industrial 
Development Revenue Bonds, to be designated ''Balti- 
more City, Maryland Industrial Development Revenue 
Bonds (Area 20 Parking Project)", in the aggregate 
principal amount not to exceed S8,500,000, pursuant to 
the provisions of Sub-section (50) of Article II of the 
Charter of Baltimore City (1964 Revision), as amended, 
for the sole and exclusive puiiDOse of financing the costs, 
charges, fees and expenses in connection with the ac- 
quisition of one or more parking facilities containing 
approximately 750 parking spaces which shall be located 
within the block ("Area 20") bounded by Lee, Light, 
Barre and Charles Streets in Baltimore City, Maryland; 
making certain legislative findings ; authorizing the loan 
of the proceeds of the bonds to David H. Murdock De- 
velopment Company or one or more joint ventures, 
partnerships, corporations, or other entities involving 
parties yet to be identified (the "Borrower") ; author- 
izing and empowering the Board of Finance of the City, 
prior to the issuance, sale and delivery of such bonds, 
to adopt a resolution pursuant to which the Board of 



ORDINANCES 1209 

Finance shall (a) prescribe, among other things but not 
limited to, the form, terms, provisions, manner or method 
of issuing and selling, and the time or times of issuance, 
and any and all other details of such bonds, and (b) do 
any and all things necessary, proper or expedient in 
connection with the issuance and sale of such bonds; 
authorizing the private (negotiated) sale of such bonds; 
providing that the Borrower shall agree to submit certain 
plans and specifications to, and to coordinate with, the 
Department of Housing and Community Development 
in connection with the acquisition of the project; and 
generally providing for and determining various matters 
and details in connection with the authorization, issuance, 
security, sale and payment of such bonds. 

RECITALS 

Sub-Section (50) of Article II of the Charter of Balti- 
more City (1964 Revision), as amended (the "Enabling 
Law"), empowers Mayor and City Council of Baltimore 
(the "City") to issue revenue bonds and to use the pro- 
ceeds of the sale of such revenue bonds to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City. Some of the general 
objectives of the City, contemplated by the Enabling 
Law include relieving conditions of unemployment in 
Baltimore City, encouraging the increase of industry 
and a balanced economy in Baltimore City, and promoting 
economic development in Baltimore City. 

The City has received a letter of intent dated Octo- 
ber 8, 198i (the "Letter of Intent") on behalf of David 
H. Murdock Development Company or one or more joint 
ventures, partnerships, corporations or other entities in- 
volving parties yet to be identified, pursuant to which 
the Borrower has requested the City to participate in 
the financing of the costs, charges, fees and expenses 
in connection with the acquisition of parking facilities 
containing approximately 750 parking spaces to be lo- 
cated within Area 20 (the "Project"), by issuing and 
selling industrial development revenue bonds of the 
City in the aggregate principal amount not to exceed 
$8,500,000 and by loaning the proceeds of the revenue 
bonds to the Borrower, upon the terms and conditions of a 



1210 ORDINANCES Ord. No. 451 

Loan Agreement to be entered into between the City 
and the Borrower (the ''Loan Agreement") such loan 
being herein referred to as (the ''Loan") . 

The City has received the Letter of Intent from David 
H. Murdock Development Company and has, detennined 
to accept the Letter of Intent. The City has determined 
to issue its Industrial Development Revenue Bonds (Area 
20 Parking Project) in the principal amount not to 
exceed $8,500,000 (the "Bonds") in order to finance 
the acquisition of the Project by the Borrower as pro- 
posed in the Letter of Intent. 

The Loan Agreement will require the Borrower (a) 
to use the proceeds of the Bonds solely to finance the 
acquisition of the Project, and (b) to make loan pay- 
ments which will be sufficient to enable the City to pay 
the principal of and interest in premium, if any, on the 
Bonds when and as the same shall become due and 
payable. 

As security for the Bonds, the City will enter into 
either (a) a Trust Agreement (the "Trust Agreement") 
with a corporate Trustee (the "Trustee") to be appointed 
by the Board of Finance of the City (the "Board") or 
(b) an Assignment and Security Agreement (the "As- 
signment") with the original purchaser of the Bonds 
(the "Original Purchaser"), and if appropriate a trus- 
tee (which may be the Original Purchaser) (the "Proj- 
ect Fund Trustee"). Pursuant to the Trust Agreement 
or the Assignment, the City will assign to the Trustee 
or, if the Assignment is entered into, the Original Pur- 
chaser, its successors and assigns, (among other things) 
(a) all of the City's right, title and interest in and to 
and remedies under the Loan Agreement, including 
(without limitation) all security referred to therein, 
excepting only the rights of the City to indemnification 
by the Borrower and to payments to the City for ex- 
penses incurred by the City itself, (b) the receipts and 
revenues of the City from the Loan, (c) certain moneys 
which are at any time or from time to time on deposit 
with the Trustee or the Project Fund Trustee, (d) all 
right, title and interest in and to and remedies with 
respect to any and all other property of every descrip- 



ORDINANCES 1211 

tion and nature from time to time by delivery or by 
writing" of any kind conveyed, pledged, assigned or 
transferred, as and for additional security for the 
Bonds, by the City or by anyone on its behalf or with 
its written consent, to the Trustee, or, if the Assign- 
ment is entered into, the Original Purchaser, its suc- 
cessors or assigns, and (e) all of the City's right, title 
and interest in and to and remedies under such other 
documents, including (without limitation) mortgages, 
deeds of trust, guaranties and security instruments, as 
the Board shall deem necessary to effectuate the issu- 
ance, sale and delivery of the Bonds and which the 
Board shall approve by a resolution or resolutions (the 
''Resolution") to be adopted by the Board prior to the 
issuance, sale and delivery of any of the Bonds. 

The Bonds will be sold at a private (negotiated) sale. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to lend the pro- 
ceeds thereof to the Borrower for the sole and exclusive 
purpose of financing the costs of the Project will facilitate 
and expedite the acquisition and installation of the Project 
by the Borrower. 

(2) The acquisition and installation of the Project by 
the Borrower and the financing thereof as provided in this 
Ordinance will serve to promote the general purposes 
contemplated by the Enabling Law by (a) sustaining 
jobs and employment in Baltimore City; (b) encouraging 
the increase of industry and a balanced economy in Balti- 
more City, and (c) promoting economic development in 
Baltimore City and vnW further the purposes, objects and 
powers of the City. 

(3) Neither the Bonds nor the interest thereon shall 
ever constitute a pledge of, or involve the faith and credit 
or the taxing power of, the City, and neither shall con- 



1212 ORDINANCES Ord. No. 451 

stitute a debt of the City within the meaning of Section 7 
of Article XI of the Constitution of Maryland or any 
other constitutional, statutory or charter provision limiting 
or restricting the sale or issuance of bonds, notes or other 
obligations of the City, and neither shall ever constitute 
or give rise to any pecuniary liability of the City. The 
Bonds and the interest thereon shall be limited obligations 
of the City, repayable by the City solely from the revenue 
derived from Loan repayments (both principal and in- 
terest) made to the City by the Borrower on account of 
the Loan, and from any other moneys made available to 
the City for such purposes. The proceeds of the Bonds will 
be paid directly to the Trustee to be held and disbursed 
by the Trustee as provided in the Trust Agreement or 
if deemed appropriate by the Board, by the Project Fund 
Trustee as provided in the Assignment or, if deemed 
appropriate by the Board, directly to or for the benefit 
of the Borrower, to be approved by the Board in the 
Resolution. Payments of the principal of and premium 
I (if any) and interest on the Loan will be paid by the 
^Borrower directly to the Trustee as provided in the Trust 
Agreement or to the Original Purchaser, its successors 
and assigns, as provided in the Assignment, to be approved 
by the Board in the Resolution. No such moneys will be 
commingled with the City's funds or \vi\\ be subject to 
the absolute control of the City, but will be subject only 
to such limited supervision and checks as are deemed 
necessary or desirable by the City to insure that the pro- 
ceeds of the Bonds are used to accomplish the public 
puiTDOses of the Enabling Law and this Ordinance. The 
loan form of the transaction authorized hereunder shall 
in no event constitute a capital project within the mean- 
ing of any charter or statutorj^ pro\^sion. The public pur- 
poses expressed in the Enabling Law are to be achieved 
by facilitating the acquisition and installation of the 
Project by the Borrower. 

(4) The City will acquire no interest in the Project 
other than (a) any general interest in the Borrower's 
property shared by all holders of the Borrower's obliga- 
tions which rank and are secured equally with the Bor- 
rower's obligations pursuant to the Loan Agreement, (b) 
any lien and security interest created by the Loan Agree- 
ment, and (c) any interest created by any other mortgage 



ORDINANCES 1213 

or deed of trust or other security instrument executed 
and delivered by the Borrower or any third party as 
security for the Loan or the revenue bonds as the Board may 
provide for and approve in the Resolution. The security 
for the revenue bonds shall be solely and exclusively (a) 
the absolute, irrevocable and unconditional obligations of 
the Borrower to make the payments required by the Loan 
Agreement, (b) moneys realized from the liquidation of 
any lien and security interest created by the Loan Agree- 
ment and of any other lien or security interest created 
with respect to any property as security for the Loan or 
the revenue bonds as the Board may provide for and 
approve in the Resolution, and (c) moneys realized from 
any guaranty of the revenue bonds or of the Loan as the 
Board may provide for and approve in the Resolution. 

(5) The best interests of the City will be served by 
selling the revenue bonds at private (negotiated) sale, as 
authorized by the Enabling Law, upon terms and condi- 
tions approved by the Board in the Resolution. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue, sell and de- 
liver, at any time or from time to time and in one or more 
series, and as limited obligations of the City and not upon 
its full faith and credit, its Baltimore City, Maryland In- 
dustrial Development Revenue Bonds (Area 20 Parking 
Project), in the aggregate principal amount not to exceed 
$8,500,000, subject to the provisions of this Ordinance. The 
proceeds of the Bonds will be loaned to the Borrower pur- 
suant to the terms and provisions of the Loan Agreement, 
to be used by the Borrower for the sole and exclusive pur- 
pose of financing the costs of the acquisition and installa- 
tion of the Project. The Bonds and the interest thereon 
shall be limited obligations of the City, repayable by the 
City solely from the revenue derived from Loan repay- 
ments (both principal and interest) made to the City by 
the Borrower pursuant to the Loan Agreement and from 
any other moneys made available to the City for such 
purpose. The security for the Bonds shall be solely and 
exclusively as provided in Section 1 of this Ordinance. 

Sec. 3. And he it further ordained, That each of the 
Bonds shall bear the descriptive title ''Baltimore City, 



1214 ORDINANCES Ord. No. 451 

Maryland Industrial Development Revenue Bond (Area 
20 Parking Project)", provided that the descriptive title 
may contain such other descriptive infoiTnation as the 
Board may prescribe in the Resolution (e.g. "1982 
Series", ''1983 Series", ''1984 Series", "1985 Series," etc.). 
The Bonds shall bear interest at the rate or rates of in- 
terest to be determined by negotiation with the original 
purchaser or purchasers of the Bonds and to be approved 
and prescribed by the Board in the Resolution. 

Sec. 4. And he it further ordained, That the definitive 
Bonds, which may be engraved, printed or typewritten, 
including the Trustee's Certificate of Authentication to be 
endorsed thereon, if the Trust Agreement is entered into, 
shall be in such form, not inconsistent with the Enabling 
Law and the provisions of this Ordinance, as the Board 
may approve in the Resolution. 

Sec. 5. And be it further ordained, That the Bonds shall 
be executed in the name of the City and on its behalf by 
the Mayor of the City, by his manual or facsimile signa- 
ture, and by the Director of Finance of the City, by his 
manual or facsimile signature, and the corporate seal of 
the City or a facsimile thereof shall be impressed or other- 
wise reproduced thereon and attested by the Custodian of 
the City Seal, by his manual signature. The Loan Agree- 
ment, the Trust Agreement or the Assignment and, where 
applicable, all other documents as the Board shall deem 
necessary to effectuate the issuance, sale and delivery of 
the Bonds, shall be executed in the name of the City and 
on its behalf by the Mayor of the City by his manual or 
facsimile signature, and the corporate seal of the City or 
a facsimile thereof shall be impressed or otherwise re- 
produced thereon and attested by the Custodian of the 
City Seal by his manual signature. In case any officer whose 
signature or a facsimile of whose signature shall appear 
on the Bonds or any of the aforesaid documents shall cease 
to be such officer before the delivery of the Bonds or any 
of the other aforesaid documents, such signature or such 
facsimile shall nevertheless be valid and sufficient for all 
purposes, the same as if such officer had remained in 
office until delivery. The Mayor of the City, the Director 



ORDINANCES 1215 

of Finance of the City, the Custodian of the City Seal and 
other officials of the City are hereby authorized and em- 
powered to do all such acts and things and execute such 
documents and certificates as the Board may determine 
in the Resolution to be necessary to carry out and comply 
with the provisions hereof. 

Sec. 6. And be it further ordained, That the Bonds shall 
be executed, issued and delivered at any time or from 
time to time and in one or more series and in such amount 
or amounts not exceeding, in the aggregate, the principal 
amount of $8,500,000 as the Board shall prescribe in the 
Resolution. 

Sec. 7. And be it further ordained, That the Bonds shall 
be dated, shall be in such denominations, shall be of such 
form and tenor, and shall be payable in such amounts, at 
such times and at such place or places as the Board shall 
prescribe in the Resolution. 

Sec. 8. And be it further ordained. That the Bonds may 
be subject to redemption prior to their stated maturities 
upon such terms and conditions as the Board shall pre- 
scribe in the Resolution. 

Sec. 9. And be it further ordained, That prior to the 
issuance, sale and delivery of the Bonds, the Board shall 
adopt the Resolution pursuant to which the Board shall : 

(a) prescribe the form, tenor, terms and conditions 
of and security for the Bonds; 

(b) prescribe the actual amounts, rate or rates of in- 
terest (or the method of determining the same), denom- 
inations, date, actual maturity or maturities, and the place 
or places of payment of the Bonds, and the terms and con- 
ditions and details under which the Bonds may be called 
for redemption prior to their stated maturities; 

(c) if a Trust Agreement is entered into, appoint a 
bank having trust powers, or a trust company, as Trustee 
for the Bonds and appoint a paying agent or agents for 
the Bonds, which may be the Trustee ; 



1216 ORDINANCES Ord. No. 451 

(d) approve the form and contents, and authorize the 
execution and delivery (where applicable) of (i) the Loan 
Agreement, (ii) the Trust Agreement or the Assignment, 
and (iii) such other documents, including (without limita- 
tion) mortgages, deeds of trust, guaranties and security 
instruments as the Board shall deem necessary to approve 
in order to effectuate the issuance, sale and delivery of 
the Bonds; 

(e) determine the time of execution, issuance, sale 
and delivery of the Bonds and prescribe any and all other 
details of the Bonds ; 

(f) provide for the direct payment by the Borrower of 
all costs, fees and expenses incurred by or on behalf of 
the City in connection with the issuance, sale and delivery 
of the Bonds, including (without limitation) costs of print- 
ing (if any) and issuing the Bonds, legal expenses and 
compensation to any person (other than full time employees 
of the City) performing services by or on behalf of the 
City in connection therewith; 

(g) if the Trust Agreement is entered into, provide for 
the issuance and sale (subject to the passage of an appro- 
priate ordinance authorizing the same as may be required 
at the time) of one or more series of additional bonds and 
one or more series of refunding bonds ; and 

(h) do any and all things, and authorize the officials 
of the City to do any and all things, necessary, proper or 
expedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 10. And be it further ordained. That the Loan Agree- 
ment and the Trust Agreement or the Assignment shall 
contain such terms, provisions and conditions, not incon- 
sistent with the Enabling Law and the provisions of this 
Ordinance, as the Board shall approve in the Resolution. 

Sec. 11. And be it further ordained, That, as authorized 
by the Enabling Law, the Bonds shall be sold at private 
(negotiated) sale upon such terms and conditions as shall 
be approved by the Board in the Resolution. 

Sec. 12. And be it further ordained, That neither the 
Bonds nor the interest thereon shall ever constitute a 



ORDINANCEIS 1217 

pledge of or involve the faith and credit or the taxing 
power of the City, and neither shall ever constitute a debt 
of the City within the meaning of Section 7 of Article XI 
of the Constitution of Maryland or any other constitutional, 
statutory or charter provision limiting or restricting the 
sale or issuance of the bonds, notes or other obligations 
of the City, and neither shall ever constitute or give rise 
to any pecuniary liability of the City. The Bonds, and the 
interest thereon, shall be limited obligations of the City, 
the principal of and interest on which Bonds shall be pay- 
able by the City solely from the revenue derived from Loan 
repayments (both principal and interest) made to the City 
by the Borrower on account of the Loan and, to the extent 
provided by the Board in the Resolution, from the pro- 
ceeds of the Bonds, and from any other moneys made avail- 
able to the City for such purpose. The proceeds of the 
Bonds will be paid directly to the Trustee or the Project 
Fund Trustee to be held and disbursed by the Trustee as 
provided in the Trust Agreement or if deemed appropriate 
by the Board, by the Project Fund Trustee as provided in 
the Assignment or if deemed appropriate by the Board, 
such proceeds will be paid to or for the benefit of the Bor- 
row^er, to be approved by the Board in the Resolution. No 
such moneys will be commingled with the City's funds or 
will be subject to the absolute control of the City, but will 
be subject only to such limited supervision and checks as 
are deemed necessary or desirable by the City to insure 
that the proceeds of the Bonds are used to accomplish the 
public purposes of the Enabling Law and this Ordinance. 

Sec. 13. And be it further ordained, That in considera- 
tion of the purchase and acceptance of the Bonds by those 
who shall hold the Bonds from time to time, the City does 
hereby, and by the execution and delivery of the Trust 
Agreement or the Assignment to be approved by the Board 
shall, set aside and pledge the income and revenue under 
the Loan Agreement (other than payments to the City for 
indemnification or to reimburse the City for expenses in- 
curred by the City itself) to the Trustee or, if the Assign- 
ment is entered into, the Original Purchaser, its successors 
and assigns, to be used and applied for the payment of the 
principal of and interest on the Bonds. Pursuant to the 
terms of the Loan Agreement, to be approved by the Board 



1218 ORDINANCES Ord. No. 451 

in the Resolution, payments sufficient for the prompt pay- 
ment when due of the principal of, premium, if any, and 
interest on the Bonds are to be paid by the Borrower to 
the Trustee for the benefit of the holders of the Bonds or, 
if the Assignment is entered into, to the Original Pur- 
chaser, its successors and assigns, for the account of the 
City. 

Sec. 14. And be it further ordained, That the Borrower 
shall agree that: 

(a) It will submit any plans and specifications for the 
acquisition and installation of the Project to the Depart- 
ment of Housing and Community Development for ap- 
proval, and that the Department of Housing and Commu- 
nity Development may refuse approval of any plans and 
specifications for aesthetic or functional reasons ; and 

(b) It and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building and landscape design. 

Sec. 15. And he it further ordained, That the Mayor of 
the City is hereby authorized to accept the Letter of Intent 
on behalf of the City in order to further evidence the com- 
mitment of the City to issue the Bonds for the benefit of 
the Borrower. 

Sec. 16. And he it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, 
sentence, clause, section or part hereof is held illegal, in- 
valid or unconstitutional or inapplicable to any person or 
circumstances, such illegality, invalidity or unconstitution- 
ality, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the 
legislative intent that this Ordinance would have been 
passed if such illegal, invalid or unconstitutional provision, 
sentence, clause, section or part had not been included 
herein, and if the person or circumstances to which this 
Ordinance or any part hereof are inapplicable had been 
specifically exempted herefrom. 



ORDINANOES 1219 

Sec. 17. And he it further ordained, That, if the Bonds 
are not issued and sold within five years from the date on 
which this Ordinance is approved by the Mayor of the 
City, the authorization provided by this Ordinance for 
the City to issue and sell the Bonds shall expire; provided, 
however, that the Board of Finance may, after a showing 
of good cause at a public hearing held before the Board 
of Finance, extend such authorization for one additional 
term not to exceed five years. The Board of Finance, in its 
sole discretion, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested exten- 
sion of this Ordinance. If an extension is granted, notice 
of such extension and the reasons therefor must be sent 
to the City Council. 

Sec. 18. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 452 
(Council No. 825) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS— 
(MAGNETICS INC. PROJECT) 

FOR the purpose of (a) authorizing and empowering 
Mayor and City Council of Baltimore to issue and sell, 
at any time or from time to time and in one or more 
series, as limited obligations of the City and not upon 
its full faith and credit, its industrial development reve- 
nue bonds in an aggregate principal amount not exceed- 
ing $750,000.00 pursuant to the provisions of Article II, 
subsection (50) of the Charter of Baltimore City (1964 
Revision), as amended, for the sole and exclusive pur- 
pose of financing the costs of the completion by Mag- 
netics Inc. of a certain project consisting of the acqui- 



1220 ORDINANCES Ord. No. 452 

sition of the real property located at Holabird Industrial 
Park in the City of Baltimore, Maryland (including the 
existing improvements thereon), the renovation of cer- 
tain improvements thereon, and the purchase and in- 
stallation of certain machinery and equipment therein, 
to be owned by the Borrov^er and leased to one or more 
tenants for use as office and commercial facilities; (b) 
authorizing the Mayor of the City, on the City's behalf, 
to accept the letter of intent dated October 9, 1981, from 
the Borrower to the City; (c) making certain legislative 
findings; (d) authorizing and empowering the City's 
Board of Finance by one or more resolutions adopted 
before the issuance, sale and delivery of any series of 
such bonds, to (i) prescribe, among other things but 
not limited to, the form, terms, provisions, manner or 
method of issuing and selling such bonds (including one 
or more negotiated or competitive bid sales), the time 
or times of their issuance, and any and all other details 
of such bonds, and (ii) do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of such bonds; (e) authorizing the Board to adopt 
one or more supplemental resolutions for certain pur- 
poses; (f) authorizing the issuance of notes in anticipa- 
tion of the issuance of such bonds; (g) providing that 
the Borrower shall agree to submit any plans and specifi- 
cations to, and to cooperate with, the City's Department 
of Housing and Community Development in connection 
with the completion of such project; (h) providing that 
such bonds or bond anticipation notes must be issued and 
sold within six (6) months from the date on which this 
Ordinance is approved by the Mayor, unless the Board 
approves one six-month extension as provided in this 
Ordinance; and (i) generally providing for and deter- 
mining various matters and details in connection with 
the issuance and sale of such bonds and bond anticipa- 
tion notes. 

RECITALS 

Article II, subsection (50) of the Charter of Balti- 
more City (1964 Revision), as amended (hereinafter 
referred to as the "Enabling Law"), empowers Mayor 
and City Council of Baltimore (herein referred to as the 
"City") to borrow money to finance undertakings for 



ORDINANCES 1221 

the accomplishment of any of the City's purposes, ob- 
jects and powers and in connection therewith to issue 
bonds, notes or other obligations (including refunding 
bonds, notes or other obligations), all of which shall be 
fully negotiable and payable, as to both principal and 
interest, solely from and secured solely by a pledge of 
any one or more of (a) the revenues from or arising 
in connection with the property, facilities, developments 
and improvements whose financing is undertaken by the 
issuance of such bonds, notes or other obligations, (b) 
the revenues from or arising in connection with any 
contracts, mortgages or other securities, purchased or 
otherwise acquired with the proceeds of such bonds, 
notes or other obligations, or (c) the contracts, mort- 
gages or other securities purchased or otherwise ac- 
quired with the proceeds of such bonds, notes or other 
obligations. The purposes, objects and powers of the City 
contemplated by the Enabling Law include the relief of 
conditions of unemployment in the City of Baltimore, 
Maryland, encouraging the increase of industry and a 
balanced economy therein, promoting economic develop- 
m^ent therein, and promoting the health, welfare and 
safety of the residents thereof. 

The City has received a letter of intent dated October 
9, 1981 (hereinafter referred to as the ''Letter of In- 
tent") from Magnetics Inc., a corporation organized and 
existing under the law of Maryland (herein referred 
to as the ''Borrower"), pursuant to which the Borrower 
has requested the City to participate in financing the 
costs of the Borrower's completion of a certain project 
in the City of Baltimore, Maryland (herein referred to 
as the "Project"), by issuing and selling the City's in- 
dustrial development revenue bonds in an aggregate 
principal sum not exceeding 8750,000.00 (hereinafter 
referred to as the "Bonds"), and by making the pro- 
ceeds of the Bonds available to the Borrower to be used 
by it for the sole and exclusive purpose of financing the 
costs of its completion of the Project. 

The Project will consist generally of (a) the acquisi- 
tion of a tract of land located at Holabird Industrial 
Park, Baltimore, Maryland, and the existing improve- 
ments thereon (consisting of, among other things, a one- 



1222 ORDINANCES Ord. No. 452 

story building containing approximately 40,000 square 
feet of floor area), (b) the renovation of such existing 
improvements for offices and commercial space, (c) the 
acquisition, construction and installation in such im- 
provements of such machinery and equipment, and such 
other improvements, as may be necessary or useful in 
connection with the operation thereof, and (d) the acqui- 
sition of such other interests in land (including, by way 
of example rather than of limitation, roads, rights of 
access, utilities and other necessary site preparation 
facilities) as may be necessary or suitable for the fore- 
going purposes. Upon its completion, the Project will be 
owned and used by the Borrower in its business of 
manufacturing, distributing and marketing paper and 
office supplies. 

The Enabling Law provides that the City may author- 
ize and empower the City's Board of Finance (herein 
referred to as the ''Board") by resolution to determine 
and set forth the form, terms, provisions, manner or 
method of issuing and selling the Bonds (including one 
or more negotiated or competitive bid sales), the time 
or times of their issuance, and any and all other details 
of the Bonds and the issuance and sale thereof, and to 
do any and all things necessary, proper or expedient in 
connection with the issuance and sale of the Bonds. 

NOW, THEREFORE, IN ACCORDANCE WITH THE 
PROVISIONS OF THE ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That acting pursuant to the provisions of 
the Enabling Law, it is hereby found and determined that 

1.1. The City's issuance and sale of the Bonds pursuant 
to the provisions of the Enabling Law in order to make 
the proceeds thereof available to the Borrower for the 
sole and exclusive purpose of financing the costs of com- 
pletion of the Project will facilitate and expedite such 
completion. 

1.2. The Borrower's completion of the Project and 
the financing of the costs thereof as provided in this Ordi- 
nance will serve to promote the general purposes con- 
templated by the Enabling Law by (a) sustaining and 



ORDINANCES 1223 

increasing jobs and employment in the City of Baltimore, 
(b) promoting economic development therein, and (c) 
encouraging the increase of industry and a balanced 
economy therein. 

1.3. The Bonds shall not be general obligations of the 
City, shall not be a pledge of or involve the City's faith 
and credit or taxing power, and shall not constitute a 
debt of the City, all within the meaning of the provisions 
of Article XI, Section 7 of the Constitution of Maryland 
or any other constitutional, statutory or charter provision 
limiting or restricting the sale or issuance of the City's 
bonds, notes or other obligations. The Bonds shall be 
limited obligations of the City, shall be fully negotiable, 
and shall be payable, as to both principal and interest, 
solely from and secured solely by a pledge of any one or 
more of (a) the revenues from or arising in connection 
with the Project, (b) the revenues from or arising in 
connection with any contracts, mortgages or other securi- 
ties purchased or otherwise acquired with the proceeds 
of the Bonds, (c) the contracts, mortgages or other securi- 
ties purchased or otherwise acquired with the proceeds 
of the Bonds, and all as the Board may approve by one 
or more resolutions adopted before the issuance, sale and 
delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full 
faith and credit, its industrial development revenue bonds 
in an aggregate principal sum not exceeding $750,000.00, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds shall be made available to the Borrower under 
terms and conditions approved by the Board and set forth 
in a resolution, and shall be used by the Borrower for 
the sole purpose of financing the costs of the completion 
of the Project. ANY PROCEEDS OF THE BONDS, AND 
ANY SUMS EARNED BY INVESTMENT OF SUCH 
PROCEEDS BEFORE DISBURSEMENT, WHICH PRO- 
CEEDS AND OTHER SUMS REMAIN UNDISBURSED 
AFTER MAKING FULL PAYMENT (OR PROVISION 
THEREFOR) OF THE COSTS OF THE COMPLETION 



1224 ORDINANCES Ord. No. 452 

OF THE PROJECT, SHALL BE APPLIED TO THE 
REDEMPTION OF THE BONDS AT THE EARLIEST 
PRACTICABLE REDEMPTION DATE. 

Sec. 3. And be it fu7'ther ordained, That this Ordinance 
constitutes the present intent of the City to issue the 
Bonds, and the Mayor of the City (herein referred to as 
the ''Mayor") is hereby authorized to accept the Letter 
of Intent on the City's behalf to further evidence the 
City's present intent to issue the Bonds in accordance 
with the provisions of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the EnabHng Law, the Board is hereby authorized and 
empowered, by one or more resolutions adopted before 
the issuance, sale and delivery of any of the Bonds, to 

4.1. prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling the Bonds (including one or more negotiated 
or competitive bid sales) , the time or times of their issu- 
ance, and any and all other details of the Bonds and their 
issuance and sale ; 

4.2. approve (a) the City's pledge or assignment of 
any of the security described in by the provisions of Sec- 
tion 6 hereof, pursuant to a trust agreement or similar 
agreement, (b) the form of any such trust agreement or 
similar agreement, as provided in the Enabling Law, and 
(c) such provisions in any such trust agreement or similar 
agreement as the Board may deem reasonable and proper 
for the security of the holders of the Bonds ; 

4.3. approve the terms and conditions, including but 
not limited to the terms and conditions of any documents 
to be executed and delivered by the City (other than 
customary financing statements and closing certificates), 
under which the proceeds of the Bonds will be made avail- 
able to the Borrower to finance the costs of the completion 
of the Project; and 

4.4. do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 



ORDINANCES 1225 

Sec. 5. And be it further ordained, That the Board 
is hereby authorized and empowered to adopt one or more 
resolutions from time to time, either before or after the 
issuance, sale and delivery of the Bonds, to supplement 
the resolution or resolutions referred to in the provisions 
of Sections 4 and 8 hereof, and thereby to approve amend- 
ments or supplements to or substitutes for the forms and 
provisions of the Bonds, such trust agreement or similar 
agreement and all other documents approved by such 
resolution or resolutions, provided that each such supple- 
mental resolution and each such amendment, supplement 
or substitute shall be in accordance with the provisions of 
the Enabling Law and this Ordinance. 

Sec. 6. A7id be it further ordained, That the Bonds shall 
not be general obligations of the City, shall not be a pledge 
of or involve the City's faith and credit or taxing power, 
and shall not constitute a debt of the City, all A\athin the 
meaning of the provisions of Article XI, Section 7 of the 
Constitution of Mar>^land or any other constitutional, stat- 
utory or charter provision limiting or restricting the sale 
or issuance of the City's bonds, notes or other obligations. 
The Bonds shall be limited obligations of the City, shall 
be fully negotiable, and shall be payable, as to both prin- 
cipal and interest, solely from and secured solely by a pledge 
of any one or more of (a) the revenues from or arising 
in connection with the Project, (b) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or other^^ise acquired with the 
proceeds of the Bonds, or (c) the contracts, mortgages or 
other securities purchased or otherAvise acquired with the 
proceeds of the Bonds, all as the Board may approve by 
one or more resolutions adopted before the issuance, sale 
and delivery of any of the Bonds. 

Sec. 7. And be it further ordained. That the Bonds shall 
be executed in the City's name and on its behalf by the 
Mayor, by his manual or facsimile signature, and by the 
City's Director of Finance, by his manual or facsimile sig- 
nature, and the City's corporate seal or a facsimile thereof 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian of the City Seal, by his manual 
signature. The trust agreement or similar agi'eement and 



1226 ORDINANCES Ord. No. 452 

all other documents approved by the resolution or resolu- 
tions referred to in the provisions of Sections 4 and 8 
hereof, and any and all amendments thereto approved by 
a resolution referred to in the provisions of Section 5 here- 
of, shall be executed in the City's name and on its behalf by 
the Mayor by his manual signature, and the City's corporate 
seal or a facsimile thereof shall be impressed or othenvise 
reproduced thereon and attested by the Custodian of the City 
Seal, by his manual signature. In case any officer whose 
signature or a facsimile thereof shall appear on the Bonds 
or any of the said documents shall cease to be such officer 
before the delivery of the Bonds or any other such docu- 
ment, such signature or such facsimile shall nevertheless 
be valid and sufficient for all purposes, as if such officer 
had remained in office until delivery. The Mayor, the City's 
Director of Finance, the Custodian of the City Seal and 
other officials of the City are hereby authorized and em- 
powered to do all such acts and things and execute such 
documents and certificates as the Board may deteiTnine 
in the resolutions referred to in the provisions of Sections 
4, 5 and 8 hereof to be necessary to carry out and comply 
with the provisions hereof. 

Sec. 8. And he it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to in- 
clude the authority to issue bond anticipation notes pur- 
suant to the provisions of Article 31, Section 12 of the 
Annotated Code of Maryland (1976 Replacement Volume 
and 198[0] Cumulative Supplement), as amended (here- 
inafter referred to as the ''Note Enabling Law"). 
Reference in this Ordinance to the Bonds shall include 
such bond anticipation notes where appropriate. As per- 
mitted by the provisions of the Enabling Law and the Note 
Enabling Law, the Board is hereby authorized and em- 
powered, by one or more resolutions adopted before the 
issuance, sale and delivery of any of such bond anticipation 
notes, to 

8.1. prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling any such bond anticipation notes (including one 
or more negotiated or competitive bid sales), the time or 



ORDINANCES 1227 

times of their issuance, and any and all other details of 
such bond anticipation notes and their issuance and sale; 

6.2. approve (a) the City's pledge or assignment of any 
of the security described in the provisions of Section 6 here- 
of, pursuant to a trust agreement or similar agreement, 
(b) the foiTn of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law or the Note Ena- 
bling Law, and (c) such provisions in any such trust 
agreement or similar agreement as the Board may deem 
reasonable and proper for the security of the holders of 
such bond anticipation notes ; 

8.3. approve the terms and conditions, including but 
not limited to the terms and conditions of any documents 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes will 
be made available to the Borrower to finance the costs of 
the completion of the Project; and 

8.4. do any and all things necessary, proper or expedi- 
ent in connection with the issuance, sale and delivery of 
such bond anticipation notes. 

In accordance with the Note Enabling Law, the City 
hereby covenants (a) to pay any bond anticipation notes 
issued pursuant to the provisions of this Section, and the 
interest thereon, from the proceeds of the Bonds in antic- 
ipation of the sale of which such notes are issued, and (b) 
to issue such Bonds when, and as soon as, the reason for 
deferring the issuance of the Bonds no longer exists. The 
timely issuance of such Bonds, however, is dependent upon 
matters not within the City's control, including (without 
limitation) the existence of a purchaser or purchasers of 
such Bonds when the reason for deferring the issuance of 
the Bonds no longer exists, and the effectiveness of various 
actions taken by the Borrower, its officers, agents and 
employees. 

Sec. 9. And be it further ordained, That the Borrower 
shall agree that 

9.1. it will submit any plans and specifications for 
the Project to the City's Department of Housing and Com- 



1228 ORDINANCES Ord. No. 452 

munity Development for approval, and that such Depart- 
ment may refuse approval of any such plans and specifi- 
cations for aesthetic or functional reasons ; and 

9.2. it and its developers will work v^ith the design 
advisory group appointed by such Department to achieve 
high quality site, building and landscape design. 

Sec. 10. And be it further ordained, That the provi- 
sions of this Ordinance are severable, and if any pro- 
vision, sentence, clause, section or part hereof is held 
illegal, invalid or unconstitutional or inapplicable to any 
person or circumstance, such illegality, invalidity, uncon- 
stitutionality or inapplicability shall not affect or impair 
any of the remaining provisions, sentences, clauses, sec- 
tions or parts of this Ordinance or their application to 
other persons or circumstances. It is hereby declared to 
be the legislative intent that this Ordinance would have 
been passed if such illegal, invalid or unconstitutional 
provision, sentence, clause, section or part had not been 
included herein, and if the person or circumstances to 
which this Ordinance or any part hereof is inapplicable 
had been specifically exempted herefrom. 

Sec. 11. And he it further ordained, That either the 
Bonds or any bond anticipation notes issued pursuant to 
the provisions of Section 8 hereof must be issued and sold 
within six (6) months from the date on which this Ordi- 
nance is approved by the Mayor ; provided, that the Board, 
after a showing of good cause at a public hearing held 
before the Board before or after the expiration of such 
six-month period, may extend the period during which 
either the Bonds or such bond anticipation notes may be 
issued and sold for one additional term not exceeding six 
(6) months from the date on which the first six-month 
period expires. The Board, in its sole discretion and 
without action by the City Council of the City, shall de- 
termine the sufficiency, or lack thereof, of the reasons 
presented for any requested extension of such six-month 
period. If an extension is granted, notice of such extension 
and the reasons therefor must be sent to the City Council 
of the City. To the extent that neither the Bonds nor such 
bond anticipation notes are issued and sold within twelve 



ORDINANCES 1229 

(12) months from the date on which this Ordinance is 
approved by the Mayor, the authority provided in this 
Ordinance for the City to issue and sell the Bonds and 
such bond anticipation notes shall expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 453 
(Council No. 826) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
(COHUTTA ASSOCIATES PROJECT) 

FOR the purpose of (a) authorizing and empowering 
Mayor and City Council of Baltimore to issue and 
sell, at any time or from time to time and in one or 
more series, as limited obligations of the City and not 
upon its full faith and credit, its industrial development 
revenue bonds in an aggregate principal amount not 
exceeding $690,000.00 pursuant to the provisions of 
Article II, Subsection (50) of the Charter of Baltimore 
City (1964 Revision), as amended, for the sole and 
exclusive purpose of financing the costs of the comple- 
tion by Cohutta Associates of a certain project con- 
sisting of the acquisition of the real property located 
at Holabird Industrial Park in the City of Baltimore, 
'Maryland (including the existing improvements thereon) , 
the renovation of certain improvements thereon, and 
the purchase and installation of certain machinery and 
equipment therein, to be owned by the Borrower and 
leased to one or more tenants for use as office and com- 
mercial facilities ; (b) authorizing the Mayor of the City, 
on the City's behalf, to accept the letter of intent dated 
October 9, 1981, from the Borrower to the City; (c) mak- 



1230 ORDINANCES Ord. No. 453 

ing certain legislative findings; (d) authorizing and 
empowering the City's Board of Finance by one or more 
resolutions adopted before the issuance, sale and delivery 
of any series of such bonds, to (i) prescribe, among 
other things but not limited to, the fonn, terms, pro- 
visions, manner or method of issuing and selling such 
bonds (including one or more negotiated or competitive 
bid sales), the time or times of their issuance, and any 
and all other details of such bonds, and (ii) do any 
and all things necessary, proper or expedient in con- 
nection with the issuance and sale of such bonds; (e) 
authorizing the Board to adopt one or more supple- 
mental resolutions for certain purposes; (f) authorizing 
the issuance of notes in anticipation of the issuance of 
such bonds; (g) providing that the Borrower shall 
agree to submit any plans and specifications to, and to 
cooperate with, the City's Department of Housing and 
Community Development in connection with the com- 
pletion of such project; (h) providing that such bonds 
or bond anticipation notes must be issued and sold 
^\dthin six (6) months from the date on which this 
Ordinance is approved by the Mayor, unless the Board 
approves one six-month extension as provided in this 
Ordinance; and (i) generally providing for and deter- 
mining various matters and details in connection with 
the issuance and sale of such bonds and bond anticipa- 
tion notes. 

RECITALS 

Article II, subsection (50) of the Chai-ter of Balti- 
more City (1964 Revision), as amended (hereinafter 
referred to as the ''Enabling Law"), empowers Mayor 
and City Council of Baltimore (herein referred to as 
the "City") to borrow money to finance undertakings 
for the accomplishment of any of the City's purposes, 
objects and powers and in connection therewith to issue 
bonds, notes or other obligations (including refunding 
bonds, notes or other obligations), all of which shall 
be fully negotiable and payable, as to both principal 
and interest, solely from and secured solely by a pledge 
of any one or more of (a) the revenues from or arising 
in connection with the property, facilities, developments 
and improvements whose financing is undertaken by 



ORDINANCES 1231 

the issuance of such bonds, notes or other obligations, 
(b) the revenues from or arising in connection with 
any contracts, mortgages or other securities, purchased 
or otherwise acquired with the proceeds of such bonds, 
notes or other obligations, or (c) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of such bonds, notes or other obliga- 
tions. The purposes, objects and powers of the City 
contemplated by the Enabling Law include the relief 
of conditions of unemployment in the City of Baltimore, 
Maryland, encouraging the increase of industry and a 
balanced economy therein, promoting economic develop- 
ment therein, and promoting the health, welfare and 
safety of the residents thereof. 

The City has received a letter of intent dated Octo- 
ber 9, 1981 (hereinafter referred to as the "Letter of 
Intent") from Cohutta Associates, a partnership or- 
ganized and existing under the law of Maryland (herein 
referred to as the "Borrower'^, pursuant to which the 
Borrower has requested the City to participate in financ- 
ing the costs of the Borrower's completion of a certain 
project in the City of Baltimore, Maryland (herein re- 
ferred to as the "Project"), by issuing and selling the 
City's industrial development revenue bonds in an aggre- 
gate principal sum not exceeding $690,000 (hereinafter 
referred to as the "Bonds"), and by making the pro- 
ceeds of the Bonds available to the Borrower to be used 
by it for the sole and exclusive purpose of financing 
the costs of its completion of the Project. 

The Project will consist generally of (a) the acquisi- 
tion of a tract of land located at Holabird Industrial 
Park, Baltimore, Maryland, and the existing improve- 
ments thereon (consisting of, among other things, a one- 
story building containing approximately 30,000 square 
feet of floor area), (b) the renovation of such existing 
improvements for oflSces and commercial space, (c) the 
acquisition, construction and installation in such im- 
provements of such machinery and equipment, and such 
other improvements, as may be necessary or useful in 
connection with the operation thereof, and (d) the ac- 
quisition of such other interests in land (including, by 
way of example rather than of limitation, roads, rights 



1232 ORDINANCES Ord. No. 453 

of access, utilities and other necessary site preparation 
facilities) as may be necessary or suitable for the fore- 
going purposes. Upon its completion, the Project will be 
owned by the Borrower and leased, for use as commer- 
cial facilities, to R. J. Carpet Distributors, Inc., the 
principals of which are also principals of the Borrower. 

The Enabling Law provides that the City may au- 
thorize and empower the City's Board of Finance (herein 
referred to as the "Board") by resolution to determine 
and set forth the form, terms, provisions, manner or 
method of issuing and selling the Bonds (including one 
or more negotiated or competitive bid sales), the time 
or times of their issuance, and any and all other details 
of the Bonds and the issuance and sale thereof, and 
to do any and all things necessary, proper or expedient 
in connection with the issuance and sale of the Bonds. 

NOW, THEREFORE, IN ACCORDANCE WITH THE 
PROVISIONS OF THE ENABLING LAW, 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the provisions of 
the Enabling Law, it is hereby found and determined that 

1.1. The City's issuance and sale of the Bonds pursuant 
to the provisions of the Enabling Law in order to make 
the proceeds thereof available to the Borrower for the 
sole and exclusive purpose of financing the costs of com- 
pletion of the Project will facilitate and expedite such 
completion. 

1.2. The Borrower's completion of the Project and the 
financing of the costs thereof as provided in this Ordi- 
nance will serve to promote the general purposes con- 
templated by the Enabling Law by (a) sustaining and 
increasing jobs and employment in the City of Baltimore, 
(b) promoting economic development therein, and (c) 
encouraging the increase of industry and a balanced econ- 
omy therein. 

1.3. The Bonds shall not be general obligations of the 
City, shall not be a pledge of or involve the City's faith 
and credit or taxing power, and shall not constitute a debt 
of the City, all within the meaning of the provisions of 



ORDINANCES 1233 

Article XI, Section 7 of the Constitution of Maryland or 
any other constitutional, statutory or charter provision 
limiting or restricting the sale or issuance of the City's 
bonds, notes or other obligations. The Bonds shall be 
limited obligations of the City, shall be fully negotiable, 
and shall be payable, as to both principal and interest, 
solely from and secured solely by a pledge of any one or 
more of (a) the revenues from or arising in connection 
with the Project, (b) the revenues from or arising in con- 
nection v^ith any contracts, mortgages or other securities 
purchased or otherwise acquired with the proceeds of the 
Bonds, and (c) the contracts, mortgages or other securities 
purchased or otherwise acquired with the proceeds of the 
Bonds, all as the Board may approve by one or more 
resolutions adopted before the issuance, sale and delivery 
of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full 
faith and credit, its industrial development revenue bonds 
in an aggregate principal sum not exceeding $690,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds shall be made available to the Borrower un- 
der terms and conditions approved by the Board and set 
forth in a resolution, and shall be used by the Borrower 
for the sole purpose of financing the costs of the comple- 
tion of the Project. ANY PROCEEDS OF THE BONDS, 
AND ANY SUMS EARNED BY INVESTMENT OF 
SUCH PROCEEDS BEFORE DISBURSEMENT, WHICH 
PROCEEDS AND OTHER SUMS REMAIN UNDIS- 
BURSED AFTER MAKING FULL PAYMENT (OR PRO- 
VISION THEREFOR) OF THE COSTS OF THE COM- 
PLETION OF THE PROJECT, SHALL BE APPLIED 
TO THE REDEMPTION OF THE BONDS AT THE 
EARLIEST PRACTICABLE REDEMPTION DATE. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the 
Bonds, and the Mayor of the City (herein referred to as 
the ''Mayor") is hereby authorized to accept the Letter of 
Intent on the City's behalf to further evidence the City's 



12.'M ORDINANCES Ord. No. 453 

present intent to issue the Bonds in accordance with the 
provisions of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by one or more resolutions adopted before the 
issuance, sale and delivery of any of the Bonds, to 

4.1. prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling the Bonds (including one or more negotiated 
or competitive bid sales), the time or times of their issu- 
ance, and any and all other details of the Bonds and their 
issuance and sale; 

4.2. approve (a) the City's pledge or assignment of 
any of the security described in by the provisions of Section 
6 hereof, pursuant to a trust agreement or similar agree- 
ment, (b) the form of any such trust agreement or similar 
agreement, as provided in the Enabling Law, and (c) 
such provisions in any such trust agreement or similar 
agreement as the Board may deem reasonable and proper 
for the security of the holders of the Bonds; 

4.3. approve the teims and conditions, including but 
not limited to the terms and conditions of any documents to 
be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of the Bonds will be made available 
to the Borrower to finance the costs of the completion of 
the Project; and 

4.4. do any and all things necessary, proper or expedient 
in connection with the issuance, sale and delivery of the 
Bonds. 

Sec. 5. A7id be it further ordained, That the Board is 
hereby authorized and empowered to adopt one or more 
resolutions from time to time, either before or after the 
issuance, sale and delivery of the Bonds, to supplement 
the resolution or resolutions referred to in the pro\isions 
of Sections 4 and 8 hereof, and thereby to approve amend- 
ments or supplements to or substitutes for the forms and 
provisions of the Bonds, such trust agreement or similar 
agreement and all other documents approved by such 



ORDINANCES 1235 

resolution or resolutions, provided that each such supple- 
mental resolution and each such amendment, supplement 
or substitute shall be in accordance with the provisions 
of the Enabling Lav^ and this Ordinance. 

Sec. 6. And he it further ordained, That the Bonds shall 
not be general obligations of the City, shall not be a pledge 
of or involve the City's faith and credit or taxing power, 
and shall not constitute a debt of the City, all within the 
meaning of the provisions of Article XI, Section 7 of the 
Constitution of Maryland or any other constitutional, stat- 
utory or charter provision limiting or restricting the sale 
or issuance of the City's bonds, notes or other obligations. 
The Bonds shall be limited obligations of the City, shall be 
fully negotiable, and shall be payable, as to both principal 
and interest, solely from and secured solely by a pledge of 
any one or more of (a) the revenues from or arising in con- 
nection with the Project, (b) the revenues from or arising 
in connection with any contracts, mortgages or other secur- 
ities purchased or otherwise acquired with the proceeds of 
the Bonds, or (c) the contracts, mortgages or other secur- 
ities purchased or otherwise acquired with the proceeds of 
the Bonds, all as the Board may approve by one or more 
resolutions adopted before the issuance, sale and delivery of 
any of the Bonds. 

Sec. 7. And he it further ordained, That the Bonds shall 
be executed in the City's name and on its behalf by the 
Mayor, by his manual or facsimile signature, and by the 
City's Director of Finance, by his manual or facsimile sig- 
nature, and the City's corporate seal or a facsimile thereof 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian of the City Seal, by his manual 
signature. The trust agreement or similar agreement and 
all other documents approved by the resolution or resolu- 
tions referred to in the provisions of Sections 4 and 8 
hereof, and any and all amendments thereto approved by 
a resolution referred to in the provisions of Section 5 
hereof, shall be executed in the City's name and on its 
behalf by the Mayor by his manual signature, and the 
City's corporate seal or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian of the City Seal, by his manual signature. 



1236 ORDINANCES Ord. No. 453 

In case any officer whose signature or a facsimile thereof 
shall appear on the Bonds or any of the said documents 
shall cease to be such officer before the delivery of the 
Bonds or any other such document, such signature or such 
facsimile shall nevertheless be valid and sufficient for all 
purposes, as if such officer had remained in office until 
delivery. The Mayor, the City's Director of Finance, the 
Custodian of the City Seal and other officials of the City 
are hereby authorized and empowered to do all such acts 
and things and execute such documents and certificates 
as the Board may deteiTnine in the resolutions referred to 
in the provisions of Sections 4, 5 and 8 hereof to be neces- 
sary to carry out and comply with the provisions hereof. 

Sec. 8. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to in- 
clude the authority to issue bond anticipation notes pur- 
suant to the provisions of Article 31, Section 12 of the 
Annotated Code of Maryland (1976 Replacement Volume 
and 198[0] Cumulative Supplement) , as amended (herein- 
after referred to as the ''Note Enabling Law"). Reference 
in this Ordinance to the Bonds shall include such bond 
anticipation notes where appropriate. As permitted by the 
provisions of the Enabling Law and the Note Enabling 
Lav\^, the Board is hereby authorized and empowered, by 
one or more resolutions adopted before the issuance, sale 
and delivery of any of such bond anticipation notes, to 

8.1. prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling any such bond anticipation notes (including one 
or more negotiated or competitive bid sales), the time or 
times of their issuance, and any and all other details of 
such bond anticipation notes and their issuance and sale; 

8.2. approve (a) the City's pledge or assignment of 
any of the security described in the provisions of Section 
6 hereof, pursuant to a trust agreement or similar agree- 
ment, (b) the form of any such trust agreement or similar 
agreement, as provided in the Enabling Law or the Note 
Enabling Law, and (c) such provisions in any such trust 
agreement or similar agreement as the Board may deem 
reasonable and proper for the security of the holders of 
such bond anticipation notes; 



ORDINANCES 1237 

8.3. approve the terms and conditions, including but 
not limited to the terms and conditions of any documents 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), under 
which the proceeds of such bond anticipation notes will be 
made available to the Borrower to finance the costs of the 
completion of the Project ; and 

8.4. do any and all things necessary, proper or expedi- 
ent in connection with the issuance, sale and delivery of 
such bond anticipation notes. 

In accordance with the Note Enabling Law, the City 
hereby covenants (a) to pay any bond anticipation notes 
issued pursuant to the provisions of this Section, and the 
interest thereon, from the proceeds of the Bonds in antic- 
ipation of the sale of which such notes are issued, and (b) 
to issue such Bonds when, and as soon as, the reason for 
deferring the issuance of the Bonds no longer exists. The 
timely issuance of such Bonds, however, is dependent upon 
matters not within the City's control, including (without 
limitation) the existence of a purchaser or purchasers of 
such Bonds when the reason for deferring the issuance of 
the Bonds no longer exists, and the effectiveness of various 
actions taken by the Borrower, its officers, agents and 
employees. 

Sec. 9. And he it further ordained, That the Borrower 
shall agree that 

9.1. it will submit any plans and specifications for the 
Project to the City's Department of Housing and Com- 
munity Development for approval, and that such Depart- 
ment may refuse approval of any such plans and specifi- 
cations for aesthetic or functional reasons ; and 

9.2. it and its developers will work with the design 
advisory group appointed by such Department to achieve 
high quality site, building and landscape design. 

Sec. 10. And he it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstance, such illegality, invalidity, unconstitutionality 



1238 ORDINANCES Ord. No. 453 

or inapplicability shall not affect or impair any of the 
remaining provisions, sentences, clauses, sections or parts 
of this Ordinance or their application to other persons or 
circumstances. It is hereby declared to be the legislative 
intent that this Ordinance would have been passed if such 
illegal, invalid or unconstitutional provision, sentence, 
clause, section or part had not been included herein, and 
if the person or circumstances to v^^hich this Ordinance 
or any part hereof is inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the 
Bonds or any bond anticipation notes issued pursuant to 
the provisions of Section 8 hereof must be issued and sold 
within six (6) months from the date on which this Ordi- 
nance is approved by the Mayor ; provided, that the Board, 
after a showing of good cause at a public hearing held 
before the Board before or after the expiration of such 
six-month period, may extend the period during which 
either the Bonds or such bond anticipation notes may be 
issued and sold for one additional term not exceeding six 
(6) months from the date on which the first six-month 
period expires. The Board, in its sole discretion and without 
action by the City Council of the City, shall determine the 
sufficiency, or lack thereof, of the reasons presented for 
any requested extension of such six-month period. If an 
extension is granted, notice of such extension and the 
reasons therefor must be sent to the City Council of the 
City. To the extent that neither the Bonds nor such bond 
anticipation notes are issued and sold within twelve (12) 
months from the date on which this Ordinance is approved 
by the Mayor, the authority provided in this Ordinance 
for the City to issue and sell the Bonds and such bond 
anticipation notes shall expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



ORDINANCES 1239 

No. 454 
(Council No. 827) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS— 
(MAY DEPARTMENT STORES COMPANY PROJECT) 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $10,000,000, 
pursuant to the provisions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision), as 
amended, for the sole and exclusive purpose of financing 
the cost of the completion by The May Department Stores 
Company, a New York corporation, of a certain project 
in Baltimore City consisting of the rehabilitation, equip- 
ping, fixturing, remodeling and improving of an eight 
story building for use in its business of retail sales and 
for rental of certain space therein ; authorizing the Mayor 
of the City, on behalf of the City, to accept the letter of 
intent dated October , 1981 from The May Department 
Stores Company to the City; making certain legislative 
findings; authorizing and empowering the Board of Fi- 
nance of the City, by a resolution or resolutions adopted 
prior to the issuance, sale and delivery of any series of 
such bonds, to (a) prescribe, among other things but not 
limited to, the form, terms, provisions, manner or method 
of issuing and selling (including negotiated as well as 
competitive bid sale), and the time or times of issuance, 
and any and all other details of such bonds, and (b) do 
any and all things necessary, proper or expedient in con- 
nection with the issuance and sale of such bonds; pro- 
viding that The May Department Stores Company shall 
agree to submit any plans and specifications to, and to 
coordinate with, the Department of Housing and Com- 
munity Development in connection with the completion 
of such project; providing that such bonds (or bond an- 
ticipation notes issued in anticipation of the issuance of 
such bonds) must be issued and sold within two years 
from the date this Ordinance is approved by the Mayor ; 



1240 ORDINANCES Ord. No. 454 

authorizing the issuance of notes in anticipation of the 
issuance of such revenue bonds ; and generally providing 
for and determining various matters and details in con- 
nection with the issuance and sale of such bonds and 
bond anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision), as amended (the ''Enabling 
Law"), empowers Mayor and City Council of Baltimore 
(the ''City") to borrow money to finance undertakings 
for the accomplishment of any of the purposes, objects 
and powers of the City and in connection therewith to 
issue bonds, notes, or other obligations (including re- 
funding bonds, notes or other obligations), all of which 
shall be fully negotiable, payable, as to both principal and 
interest, solely from and secured solely by a pledge of 
payments and other amounts derived by the Cit>^ under 
a Loan Agreement, except to the extent payable from 
unexpended Bond proceeds and income from the invest- 
ment thereof. The purposes, objects and powers of City 
contemplated by the Enabling Law include the relief of 
conditions of unemployment in Baltimore City, encour- 
aging the increase of industry and a balanced economy in 
Baltimore City, promoting economic development in Bal- 
timore City, and promoting the health, welfare and 
safety of the residents of Baltimore City. 

City has received a letter of intent dated October 8, 
1981 (the "Letter of Intent") from The May Depart- 
ment Stores Company, a New York corporation (the 
"Borrower"), pursuant to which Borrower has requested 
City to participate in the financing of a portion of the 
costs of the completion by Borrower of a certain project 
in Baltimore City, Maryland (the "Project"), by issuing 
and selling City's industrial development revenue bonds 
in the aggregate principal amount not to exceed 
$10,000,000 (the "Bonds"), and by making the proceeds 
of the Bonds available to Borrower to be used by the 
Borrower for the sole and exclusive purpose of financing 
a portion of the costs of the completion of the Project by 
Borrower. 



ORDINANCES 1241 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of City as 
mentioned in the Enabling Law, will consist of the re- 
habilitation of an existing building, five floors of which 
are expected to be used by Borrower as a retail sales 
facility and three floors of which are expected to be 
leased by Borrower, and acquisition and installation of 
certain equipment and fixtures in connection with Bor- 
rower's business of retail sales, all as more fully de- 
scribed in the Letter of Intent. 

The Enabling Law provides that City may authorize and 
empower the Board of Finance of City (the ''Board") by 
resolution to determine and set forth the form, terms, 
provisions, manner or method of issuing and selling (in- 
cluding negotiated as well as competitive bid sale), and 
the time or times of issuance, and any and all other de- 
tails of the Bonds and the issuance and sale thereof, and 
to do any and all things necessary, proper or expedient 
in connection with the issuance and sale of the bonds. 

NOW THEREFORE IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the bonds by City pursuant 
to the Enabling Law in order to make the proceeds thereof 
available to Borrower for the sole and exclusive purpose of 
financing a portion of the costs of completion of the Proj- 
ect will facilitate and expedite the completion of the Proj- 
ect by Borrower. 

(2) The completion of the Project by Borrower and 
the financing of the costs of such completion as provided 
in this Ordinance will serve to promote the general pur- 
poses contemplated by the Enabling Law by (a) sustaining 
jobs and employment in Baltimore City; (b) promoting 
economic developm^ent in Baltimore City; (c) encouraging 
a balanced economy in Baltimore City; and (d) encourag- 
ing the continued viability of retail operations in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general obli- 
gations of City and shall not be a pledge of or involve the 



1242 ORDINANCES Ord. No. 454 

faith and credit or the taxing power of City and shall not 
constitute a debt of City, all within the meaning of Section 
7 of Article XI of the Constitution of Maryland or within 
the meaning of any other constitutional, statutory or char- 
ter provision limiting or restricting the sale or issuance of 
bonds, notes or other obligations of City. All of the Bonds 
shall be limited obligations of City, and shall be fully nego- 
tiable, payable, as to both principal and interest, solely 
from and secured solely by a pledge of payments and other 
amounts derived by the City under a Loan Agreement, ex- 
cept to the extent payable from unexpended Bond proceeds 
and income from the investment thereof, all as Board may 
approve by a resolution or resolutions adopted prior to the 
issuance, sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That City is hereby 
authorized and empowered to issue and sell, at any time or 
from time to time and in one or more series, as limited ob- 
ligations of City and not upon its full faith and credit, its 
industrial development revenue bonds, in the aggregate 
principal amount not to exceed $10,000,000, subject to the 
provisions of this Ordinance. The proceeds of the Bonds 
will be made available to Borrower under terms and condi- 
tions approved by Board and set forth in a Resolution, and 
used by Borrower for the sole and exclusive purpose of fi- 
nancing a portion of the costs of the completion of the 
Project. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of City to issue the Bonds, 
and the Mayor of City is hereby authorized to accept the 
Letter of Intent on behalf of City in order to further evi- 
dence the present intent of City to issue the Bonds in 
accordance with the terms and provision of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, Board is hereby authorized and em- 
powered, by a resolution or resolutions adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 



ORDINANiOES 1243 

other details of the Bonds and the issuance and sale there- 
of; 

(b) approve (i) the pledge or asignment by City of 
any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar 

agreement, as provided in the Enabling Law, and (iii) 
such provisions in any such trust agreement or similar 
agreement as Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but 
not limited to the terms and conditions of any documents 
to be executed and delivered by City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to Bor- 
rower to finance a portion of the costs of the completion 
of the Project ; and 

(d) do any and all things necessary, proper or expedi- 
ent in connection with the issuance, sale and delivery of 
the Bonds. 

Sec. 5. And he it further ordained, That any and all of 
the Bonds shall not be general obligations of City and shall 
not be a pledge of or involve the faith and credit or the 
taxing power of City, and shall not constitute a debt of 
City, all within the meaning of Section 7 of Article XI of 
the Constitution of Maryland or any other constitutional, 
statutory or charter provision limiting or restricting the 
sale or issuance of bonds, notes or other obligations of City. 
All of the Bonds shall be limited obligations of City, and 
shall be fully negotiable, payable, as to both principal and 
interest, solely from and secured solely by a pledge of pay- 
ments and other amounts derived by the City under a Loan 
Agreement, except to the extent payable from unexpended 
Bond proceeds and income from the investment thereof, all 
as Board may approve by a resolution or resolutions 
adoiDted prior to the issuance, sale and delivery of any of 
the Bonds. 

Sec. 6. And be it ftirther ordained, That Borrower shall 
agree that : 



1244 ORDINANCES Ord. No. 454 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community De- 
velopment for review and approval ; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it fivrther ordained, That any and all of 
the Bonds shall be executed in the name of The Mayor and 
City Council of City and on its behalf by the Mayor of City, 
by his manual or facsimile signature, and by the Director 
of Finance of City, by his manual or facsimile signature, 
and the corporate seal of City or a facsimile thereof shall 
be impressed or otherwise reproduced thereon and attested 
by the Custodian of the City Seal, by his manual signature. 
Any trust agreement or other documents as the Board shall 
deem necessary to effectuate the issuance, sale and delivery 
of the Bonds shall be executed in the name of The Mayor 
and City Council of City and on its behalf by the Mayor of 
City by his manual or facsimile signature, and the corpo- 
rate seal of City or a facsimile thereof shall be impressed 
or otherwise reproduced thereon and attested by the Cus- 
todian of the City Seal by his manual signature. In case 
any officer whose signature or a facsimile of whose signa- 
ture shall appear on the Bonds or any of the aforesaid doc- 
uments shall cease to be such officer before the delivery of 
the Bonds or any of the other aforesaid documents, such 
signature or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of City, the 
Director of Finance of City, the Custodian of the City Seal 
and other officials of City are hereby authorized and em- 
powered to do all such acts and things and execute such 
documents and certificates as the Board may determine by 
resolution to be necessary to carry out and comply with the 
provisions hereof. 

Sec. 8. And he it further ordained, That any and all nec- 
essary financing statements required for the consummation 
of the transactions authorized by this Ordinance may be 
executed on behalf of City by the Mayor of City or by the 
Chief, Bureau of Treasury Management of City or by such 



ORDINANCES 1245 

other appropriate official of City as may be designated by 
the Mayor of City to execute such financing statements. 

Sec. 9. And be it further ordained, That the authority to 
issue the Bonds is intended and shall be deemed to include 
the authority to issue bond anticipation notes pursuant to 
Section 12 of Article 31 of the Annotated Code of Mary- 
land (1976 Replacement Volume and 1980 Cumulative Sup- 
plement), as amended (the ''Bond Anticipation Note En- 
abling Legislation"). Reference in this Ordinance to the 
"Bonds" shall include such bond anticipation notes where 
appropriate. Prior to the issuance, sale and delivery of any 
series of bond anticipation notes, Board shall adopt a res- 
olution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by City of 
any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as Board may deem reasonable and proper for the 
security of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including but 
not limited to the terms and conditions of any documents 
to be executed and delivered by City (other than customary 
financing statements and closing certificates), under which 
the proceeds of such bond anticipation notes will be made 
available to Borrower to finance the costs of the completion 
of the Project ; and 

(d) do any and all things necessary, proper or expedi- 
ent in connection with the issuance, sale and delivery of 
such bond anticipation notes. 

In accordance with the Bond Anticipation Note Enabling 
Legislation, City hereby covenants to pay any bond antici- 
pation notes issued pursuant to this Section of this Ordi- 



1246 ORDINANICES Ord. No. 454 

nance and the interest thereon from the proceeds of the 
Bonds in anticipation of the sale of which such notes are 
issued, and City hereby further covenants to issue such 
Bonds, as the case may be, when, and as soon as, the reason 
for deferring the issuance of the Bonds no longer exists. 
The timely issuance of such Bonds, however, is dependent 
upon matters not within the control of City, including 
(without limitation) the existence of a purchaser or pur- 
chasers for such Bonds at the time the reason for deferring 
the issuance of the Bonds no longer exists and the effec- 
tiveness of various actions taken by Borrower, its officers, 
agents and employees. 

Sec. 10. And he it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of the 
remaining provisions, sentences, clauses, sections, or parts 
of this Ordinance or their application to other persons or 
circumstances. It is hereby declared to be the legislative 
intent that this Ordinance would have been passed if such 
illegal, invalid or unconstitutional provision, sentence, 
clause, section or part had not been included herein, and if 
the person or circumstances to which this Ordinance or any 
part hereof are inapplicable had been specifically exempted 
herefrom. 

Sec. 11. And be it further ordained, That either the 
Bonds or bond anticipation notes issued pursuant to Sec- 
tion 9 of this Ordinance in anticipation of the issuance of 
the Bonds must be issued and sold within six months from 
the date on which this Ordinance is approved by the Mayor 
of City; provided, however, that the Board, after a show- 
ing of good cause at a public hearing held before the Board 
prior to or after the expiration of such six month period, 
may extend the period during which either the Bonds or 
such bond anticipation notes may be issued and sold for 
one additional term not to exceed six months from the date 
on which the first six month period expired. Board, in its 
sole discretion, and without action by City Council, shall 
determine the sufficiency, or lack thereof, of the reasons 
presented for any requested extension of the six month 



ORDINANCES 1247 

period. If an extension is granted, notice of such extension 
and the reasons therefore must be sent to City Council. To 
the extent that neither the Bonds nor such bond anticipa- 
tion notes are issued and sold within twelve months from 
the date on which this Ordinance is approved by the Mayor 
of City, the authority provided in this Ordinance for City 
to issue and sell the Bonds and such bond anticipation notes 
shall expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Maijor, 



No. 455 
(Council No. 828) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
A & R— WATERFORD JOINT VENTURE PROJECT 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue, sell and deliver, 
at any time or from time to time, and in one or more 
series, as limited obligations of the City and not upon its 
full faith and credit, its industrial development revenue 
bonds, to be designated ''Baltimore City, Maryland In- 
dustrial Development Revenue Bonds (A & R — Water- 
ford Joint Venture Project) ", in the aggregate principal 
amount not to exceed $12,000,000, pursuant to the pro- 
visions of Sub-section (50) of Article II of the Charter 
of Baltimore City (1964 Revision), as amended, for the 
sole and exclusive purpose of financing the costs, charges, 
fees and expenses in connection with (a) the acquisition 
of certain real property located in Baltimore City, to- 
gether with all existing improvements located thereon, 
(b) the construction of a multi-story, residential rental 
apartment building and related improvements and ap- 



1248 ORDINANCES Ord. No. 455 

purtenances on said real property, (c) the acquisition 
and installation of certain machinery and equipment 
necessary or useful in connection with said real property, 
apartment building, improvements and appurtenances, 
and (d) the acquisition of such interests in land as may 
be necessary or desirable for said apartment building, 
improvements and appurtenances, together with roads, 
other rights of access, utilities and other necessary facil- 
ities ; authorizing the Mayor of the City to accept, on be- 
half of the City, the letter of intent of A & R — Waterford 
Joint Venture to the City dated October 12, 1981 ; making 
certain legislative findings ; authorizing and empowering 
the Board of Finance of the City, prior to the issuance, 
sale and delivery of such bonds, to adopt a resolution pur- 
suant to which the Board of Finance shall (a) prescribe, 
among other things, but not limited to, the form, terms, 
provisions, manner or method of issuing and selling, and 
the time or times of issuance, and any and all other de- 
tails of such bonds, and (b) do any and all things neces- 
sary, proper or expedient in connection with the issu- 
ance and sale of such bonds; authorizing the private 
(negotiated) sale of such bonds; providing that A & R — 
Waterword Joint Venture shall agree to submit any plans 
and specifications to, and to coordinate with, the Depart- 
ment of Housing and Community Development in con- 
nection with the acquisition of such real property and in- 
terests in land, the construction of the apartment building, 
improvements and appurtenances to be located thereon, 
and the acquisition and installation of the machinery and 
equipment necessary or useful in connection with said 
real property, apartment building, improvements and ap- 
purtenances ; providing that, except under certain circum- 
stances, if such bonds are not issued and sold within six 
months after the date on which this Ordinance is ap- 
proved by the Mayor of the City, the authorization pro- 
vided for in this Ordinance for the City to issue and sell 
such bonds shall expire ; and generally providing for and 
determining various matters and details in connection 
with the authorization, issuance, security, sale and pay- 
ment of such bonds. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision), as amended (the ''Enabling 



ORDINANCES 1249 

Law"), empowers Mayor and City Council of Baltimore 
(the "City") to issue revenue bonds and to use the pro- 
ceeds of the sale of such revenue bonds to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City. Some of the general 
objectives of the City, contemplated by the Enabling Law, 
include the relief of conditions of unemployment in Balti- 
more City, encouraging the increase of industry and a 
balanced economy in Baltimore City, promoting economic 
development in Baltimore City, and promoting the health, 
welfare and safety of the residents of Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the ''Letter of Intent") from A & R— Water- 
ford Joint Venture, a Maryland joint venture (the "Bor- 
rower"), pursuant to which the Borrower has requested 
the City to participate in the financing of the costs, 
charges, fees and expenses in connection with the acquisi- 
tion by the Borrower of certain real property and inter- 
ests in land located in Baltimore City (together with all 
existing improvements located thereon), the construction, 
by the Borrower of a multi-story, residential rental 
apartment building and related improvements and ap- 
purtenances on said on said real property, and the ac- 
quisition and installation of certain machinery and equip- 
ment necessary or useful in connection with said real 
property, apartment building, improvements and appurte- 
nances, (the "Project"), by issuing and selling industrial 
development revenue bonds of the City in the aggregate 
principal amount not to exceed $12,000,000 and by loan- 
ing the proceeds of the revenue bonds to the Borrower, 
upon the terms and conditions of a loan agreement to be 
entered into between the City and the Borrower (the 
"Loan Agreement"), as permitted by the Enabling Law 
(such loan being herein referred to as the "Loan"). 

The Project will consist of (a) the acquisition by the 
Borrower of certain real property containing approxi- 
mately 64,896 square feet, more or less, located in Balti- 
more City in the vicinity of North Poplar Grove Street 
and North Franklintovvai Road, including, but not being 
limited to those properties known as 716-758 North Pop- 
lar Grove Street, 817-841 North Franklintown Road, and 
two lots designated as Numbers 66 and 67 in the 800 
block of North Franklintown Road, together with all 



1250 ORDINANCES Ord. No. 455 

existing improvements located thereon, (b) the construc- 
tion of a multi-story, residential rental apartment build- 
ing and related improvements and appurtenances on the 
real property to be acquired, (c) the acquisition and in- 
stallation of certain machinery and equipment necessary 
or useful in connection with said real property, apartment 
building, improvements and appurtenances, and (d) the 
acquisition of such interests in land as may be necessary 
or desirable for said apartment building, improvements 
and appurtenances, together with roads, other rights of 
access, utilities and other necessary facilities. After com- 
pletion, it is contemplated that the Borrower will sell the 
Project to the Housing Authority of Baltimore City, 
which will thereafter operate the Project. 

The Loan Agreement will require the Borrower (a) to 
use the proceeds of the revenue bonds solely to finance the 
completion of the Project, and (b) to make Loan pay- 
ments which will be sufficient to enable the City to pay 
the principal of, and interest and premium, if any, on the 
revenue bonds when and as the same shall become due 
and payable. 

As security for the revenue bonds, the City will enter 
into either (a) a trust agreement (the "Trust Agree- 
ment") with a corporate trustee (the 'Trustee") to be 
appointed by the Board of Finance of the City (the 
''Board") or (b) an Assignment and Security Agree- 
ment (the "Assignment") with the original purchaser of 
the revenue bonds (the "Original Purchaser"), and a 
trustee (which may be the Original Purchaser) (the 
"Project Fund Trustee"). Pursuant to the Trust Agree- 
ment, the City will assign to the Trustee or, if the Assign- 
ment is entered into, the Original Purchaser, its suc- 
cessors and assigns, (among other things) (a) all of the 
City's right, title and interest in and to and remedies 
under the Loan Agreement, including (without limita- 
tion) any and all security referred to therein, excepting 
only the right of the City to indemnification by the 
Borrower and to payments to the City for expenses in- 
curred by the City itself, (b) the receipts and revenues 
of the City from the Loan, (c) certain moneys which are 
at any time or from time to time on deposit with the 
Trustee or the Project Fund Trustee, (d) all right, title 



ORDINANCES 1261 

and interest in and to and remedies with respect to any 
and all other property of every description and nature 
from time to time by delivery or by writing of any kind 
conveyed, pledged, assigned or transferred, as and for 
additional security for the revenue bonds, by the City or 
by anyone on its behalf or with its written consent, to the 
Trustee, or, if the Assignment is entered into, the Orig- 
inal Purchaser, its successors or assigns, and (e) all of 
the City's right, title and interest in and to and remedies 
under such other documents, including (without limita- 
tion) mortgages, deeds of trust, guaranties and security 
instruments, as the Board shall deem necessary to effec- 
tuate the issuance, sale and delivery of the revenue bonds 
and which the Board shall approve by a resolution or 
resolutions (the ''Resolution") to be adopted by the Board 
prior to the issuance, sale and delivery of any of the 
revenue bonds. If the Board finds and determines, pur- 
suant to the Resolution, that the Project will be com- 
pleted on or before the date of delivery of the revenue 
bonds, the Board may provide in the Resolution that (a) 
the Project Fund Trustee is not necessary, and (b) if the 
Assignment is entered into, the City will enter into the 
Assignment with only the original purchaser of the reve- 
nue bonds. 

The revenue bonds will be sold at a private (negoti- 
ated) sale. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW : 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That acting pursuant to the Enabling Law, it 
is hereby found and determined as follows : 

(1) The issuance and sale of the revenue bonds by the 
City pursuant to the Enabling Law in order to lend the pro- 
ceeds thereof to the Borrower for the sole and exclusive pur- 
pose of financing the costs of the Project will facilitate and 
expedite the completion of the Project by the Borrower. 

(2) The completion of the Project by the Borrower and 
the financing thereof as provided in this Ordinance will 
serve to promote the general purposes contemplated by the 
Enabling Law by (a) sustaining jobs and employment in 



1252 ORDINANCES Ord. No. 455 

Baltimore City; (b) promoting economic devleopment in 
Baltimore City; and (c) encouraging the increase of indus- 
try and a balanced economy in Baltimore City. 

(3) Neither the revenue bonds nor the interest thereon 
shall ever constitute a pledge of or involve the faith and 
credit or the taxing power of the City, and neither shall 
ever constitute a debt of the City within the meaning of 
Section 7 of Artaicle XI of the Constitution of Maryland or 
any other constitutional, statutory or charter provision 
limiting or restricting the sale or issuance of bonds, notes 
or other obligations of the City, and neither shall ever con- 
stitute or give rise to any pecuniary liability of the City. 
The revenue bonds and the interest thereon shall be limited 
obligations of the City, repayable by the City solely from 
the revenue derived from Loan repayments (both principal 
and interest) made to the City by the Borrower on account 
of the Loan and from any other moneys made available to 
the City for such purpose. The proceeds of the revenue 
bonds will be paid directly to the Trustee or the Project 
Fund Trustee to be held and disbursed by the Trustee as 
provided in the Trust Agreement or by the Project Fund 
Trustee as provided in the Assignment to be approved by 
the Board in the Resolution, provided, however, that if the 
Board finds and determines, pursuant to the Resolution, 
that the Project will be completed on or before the date 
of delivery of the revenue bonds, the Board may pro- 
vide in the Resolution that the proceeds of the revenue 
bonds will be paid directly to the Borrower, or for the ac- 
count of the Borrower, to be used by the Borrower to pay 
the costs of, or to reimburse the Borrower for the payment 
of the costs of, the completion of the Project, as provided in 
the Assignment to be approved by the Board in the Resolu- 
tion. Payments of the principal of and premium (if any) 
and interest on the Loan will be paid by the Borrower di- 
rectly to the Trustee as provided in the Trust Agreement or 
to the Original Purchaser, its successors and assigns, as 
provided in the Assignment, to be approved by the Board 
in the Resolution. No such moneys will be commingled with 
the City's funds or will be subject to the absolute control of 
the City, but will be subject only to such limited supervision 
and checks as are deemed necessary or desirable by the City 
to insure that the proceeds of the revenue bonds are used to 
accomplish the public purposes of the Enabling Law and this 



ORDINANCES 1253 

Ordinance. The loan form of transaction authorized here- 
under shall in no event constitute a capital project within 
the meaning of any charter or statutory provision. The 
public purposes expressed in the Enabling Law are to be 
achieved by facilitating the completion of the Project by the 
Borrower. 

(4) The City will acquire no interest in the Project 
other than (a) any general interest in the Borrower's prop- 
erty shared by all holders of the Borrower's obligations 
which rank and are secured equally with the Borrower's 
obligations pursuant to the Loan Agreement, (b) any lien 
and security interest created by the Loan Agreement, and 
(c) any interest created by any other mortgage or deed of 
trust or other security instrument executed and delivered 
by the Borrower or any third party as security for the Loan 
or the revenue bonds as the Board may provide for and ap- 
prove in the Resolution. The security for the revenue bonds 
shall be solely and exclusively (a) the absolute, irrevocable 
and unconditional obligations of the Borrower to make the 
payments required by the Loan Agreement, (b) moneys 
realized from the liquidation of any lien and security inter- 
est created by the Loan Agreement and of any other lien or 
security interest created with respect to any property as 
security for the Loan or the revenue bonds as the Board may 
provide for and approve in the Resolution, and (c) moneys 
realized from any guaranty of the revenue bonds or of the 
Loan as the Board may provide for and approve in the 
Resolution. 

(5) The best interests of the City will be served by sell- 
ing the revenue bonds at private (negotiated) sale, as au- 
thorized by the Enabling Law, upon terms and conditions 
approved by the Board in the Resolution. 

Sec. 2. And be it further ordained, That the City is hereby 
authorized and empowered to issue, sell and deliver, at any 
time, or from time to time, and in one or more series, and as 
limited obligations of the City and not upon its full faith 
and credit, its Baltimore City, Maryland Industrial Develop- 
ment Revenue Bonds (A & R — Waterford Joint Venture 
Project) in the aggregate principal amount not to exceed 
$12,000,000 (the ''Bonds"), subject to the provisions of this 
Ordinance. The proceeds of the Bonds will be loaned to the 
Borrower pursuant to the terms and provisions of the Loan 



1254 ORDINANCES Ord. No. 455 

Agreement, to be used by the Borrower for the sole and ex- 
clusive purpose of financing the costs, charges, fees, and 
expenses in connection with the completion of the Project. 
The Bonds and the interest thereon shall be limited obliga- 
tions of the City, repayable by the City solely from the 
revenue derived from Loan repayments (both principal and 
interest) made to the City by the Borrower pursuant to the 
Loan Agreement and from any other moneys made available 
to the City for such purpose. The security for the Bonds 
shall be solely and exclusively as provided in Section 1 of 
this Ordinance. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the commitment of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept the 
Letter of Intent on behalf of the City in order to further 
evidence the commitment of the City to issue the Bonds in 
accordance with the terms and provisions of this Ordinance. 

Sec. 4. And be it further ordained, That each of the Bonds 
shall bear the descriptive title "Baltimore City, Maryland 
Industrial Development Revenue Bonds (A & R — Waterford 
Joint Venture Project)", provided that the descriptive title 
may contain such other descriptive information as the Board 
may prescribe in the Resolution (e.g. "1981 Series", or 
"1982 Series"). The Bonds shall bear interest at the rate or 
rates of interest to be determined by negotiation with the 
original purchaser or purchasers of the Bonds and to be 
approved and prescribed by the Board in the Resolution. 

Sec. 5. And be it further ordained, That the definitive 
Bonds, which may be engraved, printed or typewritten, in- 
cluding any Trustee's Certificate of Authentication to be 
endorsed thereon if the Trust Agreement is entered into, 
shall be in such form, not inconsistent with the Enabling 
Law and the provisions of this Ordinance, as the Board 
may approve in the Resolution. 

Sec. 6. And be it further ordained, That the Bonds shall 
be executed in the name of the City and on its behalf by the 
Mayor of the City, by his manual or facsimile signature, 
and by the Director of Finance of the City, by his manual or 
facsimile signature, and the corporate seal of the City or a 
facsimile thereof shall be impressed or otherwise repro- 



ORDINANCES 1255 

duced thereon and attested by the Custodian of the City 
Seal, by his manual signature. The Loan Agreement, the 
Trust Agreement or the Assignment and, where applicable, 
all other documents as the Board shall deem necessary to 
effectuate the issuance, sale and delivery of the Bonds, shall 
be executed in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, and 
the corporate seal of the City or a facsimile thereof shall be 
impressed or otherwise reproduced thereon and attested by 
the Custodian of the City Seal by his manual signature. In 
case any officer whose signature or a facsimile of whose 
signature shall appear on the Bonds or any of the aforesaid 
documents shall cease to be such officer before the delivery 
of the Bonds or any of the other aforesaid documents, such 
signature or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, the 
Director of Finance of the City, the Custodian of the City 
Seal and other officials of the City, are hereby authorized 
and empowered to do all such acts and things and execute 
such documents and certificates as the Board may deter- 
mine in the Resolution to be necessary to carry out and com- 
ply with the provisions hereof. 

Sec. 7. And be it further ordained, That the Bonds shall 
be executed, issued and delivered at any time, or from time 
to time and in one or more series and in such amount or 
amounts not exceeding, in the aggregate, the principal 
amount of $12,000,000, as the Board shall prescribe in the 
Resolution. 

Sec. 8. And be it further ordained, That the Bonds shall 
be dated, shall be in such denominations, shall be of such 
form and tenor, and shall be payable in such amounts, at 
such times and at such place or places as the Board shall 
prescribe in the Resolution. 

Sec. 9. And be it further ordained, That the Bonds may 
be subject to redemption prior to their stated maturities 
upon such terms and conditions as the Board shall prescribe 
in the Resolution. 

Sec. 10. And be it further ordained. That prior to the 
issuance, sale and delivery of the Bonds, the Board shall 
adopt the Resolution pursuant to which Board shall : 



1256 ORDINANCES Ord. No. 455 

(a) prescribe the form, tenor, terms and conditions of 
and security for the Bonds ; 

(b) prescribe the actual amounts, rate or rates of inter- 
est (or the method determining the same) denominations, 
date, actual maturity or maturities, and the place or places 
of payment of the Bonds, and the terms and conditions and 
details under which the Bonds may be called for redemption 
prior to their stated maturities ; 

(c) if a Trust Agreement is entered into, appoint a bank 
having trust powers, or a trust company, as Trustee for the 
Bonds and, if necessary, appoint a paying agent or agents 
for the Bonds which may be the Trustee; 

(d) approve the form and contents, and authorize the 
execution and delivery (where applicable of (i) the Loan 
Agreement, (ii) the Trust Agreement or the Assignment, 
(iii) such other documents, including (without limitation) 
mortgages, deeds of trust, guaranties and security instru- 
ments as the Board shall deem necessary to approve in 
order to effectuate the issuance, sale and delivery of the 
Bonds ; 

(e) determine the time of execution, issuance, sale and 
delivery of the Bonds and prescribe any and all other details 
of the Bonds ; 

(f ) provide for the direct payment by the Borrower of 
all costs, fees and expenses incurred by or on behalf of the 
City in connection with the issuance, sale and delivery of 
the Bonds, including (without limitation) costs of printing 
(if any) and issuing the Bonds, legal expenses and com- 
pensation to any person (other than full time employees of 
the City) performing services by or on behalf of the City 
in connection therewith ; 

(g) if the Trust Agreement is entered into, provide for 
the issuance and sale (subject to the passage of an appro- 
priate ordinance authorizing the same as may be required 
at the time) of one or more series of additional bonds and 
one or more series of refunding bonds ; and 

(h) do any and all things, and authorize the officials of 
the City to do any and all things, necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery of 
the Bonds. 



ORDINANCES 1257 

Sec. 11. And be it further ordained, That the Loan Agree- 
ment and the Trust Agreement or the Assignment shall con- 
tain such terms, provisions and conditions, not consistent 
with the Enabling Law and the provisions of this Ordi- 
nance, as the Board shall approve in the Resolution. 

Sec. 12. A7id be it further ordained, That as authorized 
by the Enabling Law, the Bonds shall be sold at private 
(negotiated) sale upon such terms and conditions as shall 
be approved by the Board in the Resolution. 

Sec. 13. And be it further ordained, That neither the 
Bonds nor the interest theron shall ever constitute a pledge 
of or involve the faith and credit or the taxing power of the 
City, and neither shall ever constitute a debt of the City 
within the meaning of Section 7 of Article XI of the Consti- 
tution of Maryland or other constitutional, satutory or char- 
ter provisions limiting or restricting the sale or issuance of 
bonds, notes or other obligations of the City, and neither 
shall ever constitute or give rise to any pecuniary liability 
of the City. The Bonds, and the interest theron, shall be 
limited obligations of the City, the principal of and interest 
on which Bonds shall be payable by the City solely from the 
revenue derived from Loan repajTaents (both principal and 
interest) made to the City by the Borrower on account of 
the Loan and, to the extent provided by the Board in the 
Resolution, from the proceeds of the Bonds, and from any 
other moneys made available to the City for such purpose. 
The proceeds of the Bonds will be paid directly to the Trus- 
tee or the Project Fund Trustee to be held and disbursed by 
the Trustee as provided in the Trust Agreement or by the 
Project Fund Trustee as provided in the Assignment to be 
approved by the Board in the Resolution, provided, how- 
ever, that if the Board finds and determines, pursuant to 
the Resolution, that the Project will be completed on or be- 
fore the date of delivery of the Bonds, the Board may pro- 
vide in the Resolution that the proceeds of the Bonds will be 
paid directly to the Borrower, or for the account of the 
Borrower, to be used by the Borrower to pay the costs of, 
or to reimburse the Borrower for the pa^Tiient of the costs 
of, the completion of the Project, as provided in the Assign- 
ment to be approved by the Board in the Resolution. No 
such moneys will be commingled with the City's funds or 



1258 ORDINANCES Ord. No. 455 

will be subject to the absolute control of the City, but will 
be subject to such limited supervision and checks as are 
deemed necessary or desirable by the City to insure that the 
proceeds of the Bonds are used to accomplish the public pur- 
poses of the Enabling Law and this Ordinance. 

Sec. 14. And be it further ordained, That in consideration 
of the purchase and acceptance of the Bonds by those who 
shall hold the Bonds from time to time, the City does hereby, 
and by the execution and delivery of the Trust Agreement 
or the Assignment to be approved by the Board shall, set 
aside and pledge the income and revenue under the Loan 
Agreement (other than pajTnents to the City for indemnifi- 
cation or to reimburse the City for expenses incurred by the 
City itself) to the Trustee or, if the Assignment is entered 
into, the Original Purchaser, its successors and assigns, to 
be used and applied for the pajTnent of the principal of and 
interest on the Bonds. Pursuant to the terms of the Loan 
Agi'eement to be approved by the Board in the Resolution, 
payments sufficient for the prompt pa>Taent when due of 
the principal of, premium, if any, and interest on the Bonds 
are to be paid by the Borrower to the Trustee for the benefit 
of the holders of the Bonds, or, if the Assignment is entered 
into, to the Original Purchaser, its successors and assigns, 
for the account of the City. 

Sec. 15. And be it further ordained, That the Borrower 
shall agree that : 

(a) It will submit any plans and specifications for the 
Project to the Department of Housing and Communitj^ De- 
velopment for approval, which approval shall not be with- 
held unreasonably ; and 

(b) It and its developers will work with the design ad- 
visory group appointed by the Department of Housing and 
Community Development in order to achieve high quality 
and design. 

Sec. 16. And be it further ordained. That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid or 
unconstitutional or inapplicable to any person or circum- 
stances, such illegality, invalidity, unconstitutionality^ or 



ORDINANCES 1259 

inapplicability shall not affect or impair any of the remain- 
ing provisions, sentences, clauses, sections, or parts of this 
Ordinance, or their application to other persons or circum- 
stances. It is hereby declared to be the legislative intent that 
this Ordinance would have passed if such illegal, invalid or 
unconstitutional provision, sentence, clause, section or part 
had not been included herein, and if the person or circum- 
stances to which this Ordinance or any part hereof are in- 
applicable had been specifically exempted herefrom. 

Sec. 17. And be it further ordained, That, if the Bonds 
are not issued and sold within six months from the date on 
which this Ordinance is approved by the Mayor of the City, 
the authorization provided in this Ordinance for the City to 
issue and sell the Bonds shall expire; provided, however, 
that the Board may, after a showing of good cause at a 
public hearing held before the Board, extend such authoriza- 
tion for one additional term not to exceed six months. The 
Board, in its sole discretion, shall determine the sufficiency, 
or lack thereof, of the reasons presented for any requested 
extension of this Ordinance. If an extension is granted, 
notice of such extension and the reasons therefor must be 
sent to the City Council. 

Sec. 18. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Maijor. 



No. 456 
(Council No. 829) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
H. B. NORTHWAY LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, 



1260 ORDINANCES Ord. No. 456 

as limited obligations of the City and not upon its 
full faith and credit, its industrial development revenue 
bonds, in the aggregate principal amount not to exceed 
$3,500,000, pursuant to the provisions of Sub-section 
(50) of Article II of the Charter of Baltimore City 
(1964 Revision, as amended), for the sole and exclu- 
sive purpose of financing the construction, reconstruc- 
tion, renovation, and/or rehabilitation of improvements 
which are owned bj' H. B. North way Limited Partner- 
ship or assigns designated by the Board of Finance 
and used as rental dwelling units and offices, and 
to provide long term financing of the land and improve- 
ments; authorizing the Mayor of the City, on behalf 
of the City, to accept the letter of intent dated Octo- 
ber 12, 1981, from H. B. Northway Limited Partner- 
ship or assigns designated by the Board of Finance 
to the City, making certain legislative findings; au- 
thorizing and empowering the Board of Finance of 
the City, by a resolution or resolutions adopted prior to 
the issuance, sale and deliveiy of am' series of such 
bonds, to (a) prescribe, among other things but not 
limited to, the form, terms, pro\isions, manner or method 
of issuing and selling (including negotiated as well as 
competitive bid sale) , and the time or times of issuance, 
and any and all other details of such bonds, and (b) do 
any and all things necessary, proper or expedient in 
connection with the issuance and sale of such bonds; 
providing that H. B. Northway Limited Partnership 
or assigns designated by the Board of Finance shall 
agree to submit any plans and specifications to, and 
to coordinate with, the Depai±ment of Housing and 
Community Development in connection with the com- 
pletion of such project; providing that such bonds (or 
anticipation notes issued in anticipation of the issuance 
of such bonds) must be issued and sold within six 
months from the date this Ordinance is approved by 
the Mayor, unless the Board of Finance approves one 
six month extension as provided in this Ordinance; au- 
thorizing the issuance of notes in anticipation of the 
issuance of such revenue bonds ; and generally providing 
for and deteiTnining various matters and details in 
connection with the issuance and sale of such bonds and 
bond anticipation notes. 



ORDINANCES 1261 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the ''Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the ''City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both 
principal and interest, solely from and secured solely 
by a pledge of (I) the revenues from or arising in con- 
nection with the property, facilities, developments and 
improvements whose financing is undertaken by the 
issuance of such bonds, notes or other obligations, (II) 
the revenues from or arising in connection with any 
contracts, mortgages or other securities purchased or 
othei-wise acquired with the proceeds of such bonds, 
notes or other obligations, (III) the contracts, mort- 
gages or other securities purchased or othenvise ac- 
quired ^\ith the proceeds of such bonds, notes or other 
obligations, or (IV) any combination of (I), (II) or 
(III). The purposes, objects and powers of the City 
contemplated by the Enabling Law includes the relief 
of conditions of unemplo\Tnent in Baltimore City, en- 
couraging the increase of industry and a balanced econ- 
omy in Baltimore City, promoting economic develop- 
ment in Baltimore City, and promoting the health, wel- 
fare, safety of the residents of Baltimore City. 

The City has received a letter of intent dated Octo- 
ber 12, 1981, (the "Letter of Intent") from H. B. North- 
way Limited Partnership or assigns designated by the 
Board of Finance (the "Borrower"), pursuant to which 
the Borrower has requested the City to pai-ticipate 
in the financing of the costs of the acquisition and/or 
development by the Borrower of a certain project in 
Baltimore City, Maryland (the "Project"), by issuing 
and selling the City's industrial development i-evenue 
'bonds in the aggregate principal amount not to exceed 
$3,500,000, (the "Bonds"), and by making the proceeds 
of the Bonds available to the Borrower to be used by 
the Borrower for the sole and exclusive purpose of fi- 



1262 ORDINANCES Ord. No. 456 

nancing the costs of the acquisition and/or development 
of the Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the 
City as mentioned in the Enabling Law, will consist 
generally of (a) the renovation, rehabilitation, construc- 
tion, and/or reconstruction of any existing improvements 
located at 3700-3702 North Charles Street to be used 
as rental dwellings and offices which will be owned and 
operated by the Borrower, and (b) the long term financ- 
ing of the land and improvements. The Borrower antici- 
pates that the units will be leased to various tenants 
whose identities are unknown at this time and agrees 
that the units will not be converted into condominiums. 

The Enabling Law provides that the City may au- 
thorize and empower the Board of Finance of the City 
(the "Board") by resolution to determine and set forth 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 



ORDINANCES 1263 

nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industiy and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $3,500,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der tenns and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And he it further ordained. That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 



1264 ORDINANCES Ord. No. 456 

and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terais and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 

the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 



ORDINANCES 1265 

restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that : 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work mth the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And he it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, b}^ his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and deliveiy of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 



1266 ORDINANCES Ord. No. 456 

and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the "Bond Anticipation 
Noto Enabling Legislation"). Reference in this Ordinance 
to the "Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 



ORDINANCES 1267 

all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project ; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 



1268 ORDINANCES Ord. No. 456 

ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And he it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



ORDINANCES 1269 

No. 457 
(Council No. 830) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
OXFORD CONSTRUCTION SERVICES, INC. 

FOR the purpose of authorizing and empowering Maj^or 
and City Council of Baltimore to issue and sell, at any- 
time or from time to time and in one or more series, 
as limited obligations of the City and not upon its 
full faith and credit, its industnal development revenue 
bonds, in the aggregate principal amount not to exceed 
$6,500,000, pursuant to the provisions of Sub-section 
(50) of Article II of the Charter of Baltimore City 
(1964 Revision, as amended), for the sole and exclu- 
sive purpose of financing the costs, charges, fees and 
expenses in connection \\ith the acquisition by Oxford 
Services, Inc. of certain real property located in Bal- 
timore City together with any improvements located 
thereon, and the construction, reconstruction, renova- 
tion, and/or rehabilitation of improvements which will 
be owned by Oxford Construction Services, Inc. and 
used as rental dwelling units which will be sold to the 
Housing Authority of Baltimore City upon completion 
of construction; authorizing the Mayor of the City, on 
behalf of the City, to accept the letter of intent dated 
October 12, 1981, from Oxford Construction Services, Inc. 
to the City, making certain legislative findings; au- 
thorizing and empowering the Board of Finance of the 
City, by a resolution or resolutions adopted prior to 
the issuance, sale and delivery of any series of such 
bonds, to (a) prescribe, among other things but not 
limited to, the form, terms, provisions, manner or method 
of issuing and selling (including negotiated as well 
as competitive bid sale), and the time or times of issu- 
ance, and any and all other details of such bonds, and 
(b) do any and all things necessaiy, proper or expedient 
in connection mth the issuance and sale of such bonds; 
providing that Oxford Construction Services, Inc. shall 
agree to submit any plans and specifications to, and to 
coordinate with, the Department of Housing and Com- 



1270 ORDINANCES Ord. No. 457 

munity Development in connection with the completion 
of such project; providing that such bonds (or antici- 
pation notes issued in anticipation of the issuance of 
such bonds) must be issued and sold within six months 
from the date this Ordinance is approved by the Mayor, 
unless the Board of Finance approves one six month 
extension as provided in this Ordinance; authorizing 
the issuance of notes in anticipation of the issuance of 
such revenue bonds; and generally providing for and 
determining various matters and details in connection 
'with the issuance and sale of such bonds and bond antici- 
pation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the ''Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the ''City") to borrow money to finance under- 
takings for the accomplishment of any of the puiiM>ses, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both 
principal and interest, solely from and secured solely 
by a pledge of (I) the revenues from or arising in con- 
nection with the property, facilities, developments and 
improvements whose financing is undertaken by the 
issuance of such bonds, notes or other obligations, (II) 
the revenues from or arising in connection wath any 
contracts, mortgages or other securities purchased or 
otherwise acquired \vith the proceeds of such bonds, 
notes or other obligations, (III) the contracts, mort- 
gages or other securities purchased or othenvise ac- 
quired \\ith the proceeds of such bonds, notes or other 
obligations, or (IV) any combination of (I), (II) or 
(III). The puiT>oses, objects and powers of the City 
contemplated by the Enabling Law includes the relief 
of conditions of unemployment in Baltimore City, en- 
couraging the increase of industry and a balanced econ- 
omy in Baltimore City, promoting economic develop- 
ment in Baltimore City, and promoting the health, wel- 
fare safety of the residents of Baltimore City. 



ORDINANCES 1271 

The City has received a letter of intent dated Octo- 
ber 12, 1981, (the ''Letter of Intent") from Oxford 
Construction Services, Inc. (the ''Borrower"), pursuant 
to which the Borrower has requested the City to par- 
ticipate in the financing of the costs of the acquisition 
and/or development by the Borrower of a certain project 
in Baltimore City, Maryland (the "Project"), by issuing 
and selling the City's industrial development revenue 
bonds in the aggregate principal amount not to exceed 
$6,500,000 (the "Bonds"), and by making the proceeds 
of the Bonds available to the Borrower to be used by 
the Borrower for the sole and exclusive purpose of fi- 
nancing the costs of the acquisition and/or development 
of the Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the 
City as mentioned in the Enabling Law, will consist 
generally of (a) the acquisition by the Borrower of 
certain real property located in the 1000 block of West 
Baltimore Street in the Poppleton Urban Renewal Area, 
(b) the construction of rental dwelling units for the 
elderly, and (c) sale of the units to the Housing Authority 
of Baltimore City upon completion of construction. 

The Enabling Law provides that the City may au- 
thorize and empower the Board of Finance of the City 
!(the "Board") by resolution to determine and set forth 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 



1272 ORDINANCES Ord. No. 457 

ceeds thereof available to the Borrower for the sole and 
exclusive purix)se of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
emplojonent in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $6,500,000, 



ORDINANCES 1273 

subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der terms and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. Ajid be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the teiTns and provisions 
of this Ordinance. 

Sec. 4. And he it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board m^y deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 



1274 ORDINANCES Ord. No. 457 

Sec. 5. And he it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maiyland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, moii> 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Depai*tment of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 



ORDINANCES 1275 

his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply vdth the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the "Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 



1276 ORDINANCES Ord. No. 457 

of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 



ORDINANCES 1277 

Sec. 10. And he it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



1278 ORDINANCES Ord. No. 458 

No. 458 
(Council No. 831) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
NEIGHBORHOOD RENTAL SERVICES, INC. 

FOR the pui-pose of authorizing and empowering Mayor 
and Cit}^ Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full 
faith and credit, its industrial development revenue 
bonds, in the aggregate principal amount not to exceed 
$1,600,000, pursuant to the provisions of Sub-section 
(50) of Article II of the Charter of Baltimore City 
(1964 Revision, as amended), for the sole and exclusive 
purpose of financing the costs, charges, fees and ex- 
penses in connection with the acquisition by Neighbor- 
hood Rental Services, Inc. of certain real property in 
the Patterson Park Area in Baltimore City, together 
with any improvements located thereon, and the con- 
struction, reconstruction, renovation, and/or rehabilita- 
tion of improvements which will be o^\Tied by Neigh- 
borhood Rental Seiwices, Inc. and used as rental dwelling 
units, and to provide long tenn financing of the land 
and improvements; authorizing the Mayor of the City, 
on behalf of the City, to accept the letter of intent dated 
October 12, 1981, from Neighborhood Rental Sendees, 
Inc. to the City, making ceii^ain legislative findings; 
authorizing and empowering the Board of Finance of 
the City, by a resolution or resolutions adopted prior 
to the issuance, sale and deliver}' of any series of such 
bonds, to (a) prescribe, among other things but not 
limited to, the foiTti, terms, provisions, manner or method 
of issuing and selling (including negotiated as well as 
competitive bid sale), and the time or times of issuance, 
and any and all other details of such bonds, and (b) 
do any and all things necessarj", proper or expedient 
in connection with the issuance and sale of such bonds; 
providing that Neighborhood Rental Services, Inc. shall 
agree to submit any plans and specifications to, and to 
coordinate ^^ath, the Department of Housing and Com- 



ORDINANCES 1279 

munity Development in connection with the completion 
of such project; providing that such bonds (or antic- 
ipation notes issued in anticipation of the issuance of 
such bonds) must be issued and sold within one year 
from the date this Ordinance is approved by the Mayor, 
unless the Board of Finance approves one one year 
extension as provided in this Ordinance ; authorizing the 
issuance of notes in anticipation of the issuance of such 
revenue bonds; and generally providing for and deter- 
mining various matters and details in connection with 
the issuance and sale of such bonds and bond anticipa- 
tion notes. 

RECITALS 

Sub-sections (50) and (51) of Article II of the Char- 
ter of Baltimore City (1964 Revision, as amended) 
(the ''Enabling Law"), empowers the Mayor and City 
Council of Baltimore (the ''City") to borrow money to 
finance undertakings for the accomplishment of any of 
the purposes, objects and powers of the City and in 
connection there^\ath to issue bonds, notes, or other 
obligations (including refunding bonds, notes or other 
obligations), all of which shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues fi'om 
or arising in connection with the property, facilities, 
developments and improvements whose financing is un- 
dertaken by the issuance of such bonds, notes or other 
obligations, (II) the revenues from or arising in con- 
nection with any contracts, mortgages or other secur- 
ities purchased or otherwise acquired with the proceeds 
of such bonds, notes or other obligations, (III) the 
contracts, mortgages or other securities purchased or 
othei-wise acquired with the proceeds of such bonds, 
notes or other obligations, or (IV) any combination of 
(I), (II) or (III). The purposes, objects and powers of 
the City contemplated by the Enabling Law includes the 
relief of conditions of unemployment in Baltimore City, 
encouraging the increase of industry and a balanced 
economy in Baltimore City, promoting economic devel- 
opment in Baltimore City, and promoting the health, 
welfare safety of the residents of Baltimore City. 



1280 ORDINANCES Ord. No. 458 

The City has received a letter of intent dated October 
12, 1981, (the "Letter of Intent") from Neighborhood 
Rental Services, Inc. (the "Borrower"), pursuant to 
which the Borrower has requested the City to partic- 
ipate in the financing of the costs of the acquisition 
and/or development by the Borrower of a certain proj- 
ect in Baltimore City, Maiyland (the 'Troject"), by 
issuing and selling the City's industrial development 
revenue bonds in the aggregate principal amount not 
to exceed 31,600,000, (the "Bonds"), and by making the 
proceeds of the Bonds available to the Borrower to be 
used by the Borrower for the sole and exclusive pur- 
pose of financing the costs of the acquisition and /or 
development of the Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the pui']X)ses, objects and powers of the City 
as mentioned in the Enabling Law, will consist gen- 
erally of (a) the acquisition by the Borrower of cei'tain 
real property in the area of East Baltimore bounded 
generally by Broadway, Highland Avenue, Eager Street 
and Eastern Avenue for use as rental dwellings, (b) 
the renovation, rehabilitation, construction, and or re- 
construction, of any existing improvements which ^^ill 
be owned and operated by the Borrower, and (c) the 
long term financing of the land and improvements. The 
Borrower anticipates that the units will be leased to 
various tenants who identities are unkno^\Ti at this time. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
"Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale) , and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessaiy, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 



ORDINANCES 1281 

of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purix)se of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will seiwe to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
emplo\Tnent in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industi'v and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all vnthin 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And he it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 



1282 ORDINANCES Ord. No. 458 

any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $1,600,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der terms and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. o. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And he it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 



ORDINANCES 1283 

Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 

the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the 'City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 



1284 ORDINANCES Ord. No. 458 

on its behalf by the ^Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
docimients as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And he it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 



ORDINANCES 1285 

suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the ''Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as v^ell as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of a^y document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der v^hich the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 



1286 ORDINANCES Ord. No. 458 

ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within one year from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such one year 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed one year 
from the date on which the first one year period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the one year period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 



ORDINANCES 1287 

thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Maijor. 



No. 459 
(Council No. 832) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
HOUSING ASSISTANCE CORPORATION 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $615,000 
pursuant to the provisions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision, as 
amended), for the sole and exclusive purpose of financ- 
ing the costs, charges, fees and expenses in connection 
with the acquisition by Housing Assistance Corporation 
of certain real property located at 2400 Linden Avenue 
in the Reservoir Hill Urban Renewal Area, in Baltimore 
City together with any improvements located thereon, 
and the construction, reconstruction, renovation, and/or 
rehabilitation of improvements which will be owned by 
Housing Assistance Corporation and used as rental 
dwelling units and to provide long term financing of the 
land and improvements; authorizing the Mayor of the 
City, on behalf of the City, to accept the letter of intent 
dated October 12, 1981, from Housing Assistance Cor- 
poration to the City, making certain legislative findings ; 



1288 ORDINANCES Ord. No. 459 

authorizing and empowering the Board of Finance of 
the City, by a resolution or resolutions adopted prior 
to the issuance, sale and delivery of any series of such 
bonds, to (a) prescribe, among other things but not 
limited to, the form, terms, provisions, manner or 
method of issuing and selling (including negotiated as 
well as competitive bid sale) , and the time or times of 
issuance, and any and all other details of such bonds, 
and (b) do any and all things necessary, proper or ex- 
pedient in connection with the issuance and sale of such 
bonds; providing that Housing Assistance Corporation 
shall agree to submit any plans and specifications to, 
and to coordinate v^ith, the Department of Housing and 
Community Development in connection with the comple- 
tion of such project; providing that such bonds (or 
anticipation notes issued in anticipation of the issuance 
of such bonds) must be issued and sold within six 
months from the date this Ordinance is approved by 
the Mayor, unless the Board of Finance approves one 
six month extension as provided in this Ordinance; au- 
thorizing the issuance of notes in anticipation of the 
issuance of such revenue bonds; and generally providing 
for and determining various matters and details in 
connection with the issuance and sale of such bonds and 
bond anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Bal- 
timore City (1964 Re\asion, as amended) (the ''Enabling 
Law"), empowers the Mayor and City Council of Bal- 
timore (the "City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both prin- 
cipal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connec- 
tion with the property, facilities, developments and im- 
provements vrhose financing is undertaken by the issu- 
ance of such bonds, notes or other obligations, (II) the 
revenues from or arising in connection vdth any con- 



ORDINANCES 1289 

tracts, mortgages or other securities purchased or other- 
wise acquired with the proceeds of such bonds, notes or 
other obligations, (III) the contracts, mortgages or other 
securities purchased or otherwise acquired with the pro- 
ceeds of such bonds, notes or other obligations, or (IV) 
any combination of (I), (II) or (III). The purposes, 
objects and powers of the City contemplated by the En- 
abling Law includes the relief of conditions of unem- 
ployment in Baltimore City, encouraging the increase of 
industry and a balanced economy in Baltimore City, 
promoting economic development in Baltimore City, and 
promoting the health, welfare, safety of the residents 
of Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the "Letter of Intent") from Housing Assist- 
ance Corporation (the "Borrower"), pursuant to which 
the Borrower has requested the City to participate in 
the financing of the costs of the acquisition and/or 
development by the Borrower of a certain project in 
Baltimore City, Maryland (the "Project"), by issuing 
and selling the City's industrial development revenue 
bonds in the aggregate principal amount not to exceed 
$615,000 (the "Bonds"), and by making the proceeds of 
the Bonds available to the Borrower to be used by the 
Borrower for the sole and exclusive purpose of financing 
the costs of the acquisition and/or development of the 
Project by the BoiTower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist generally 
of (a) the acquisition by the Borrower of certain real 
property located at 2400 Linden Avenue in the Reservoir 
Hill Urban Renewal Area for use and rental dwellings, 
(b) the renovation, rehabilitation, construction, and/or 
reconstruction, of any existing improvements which will 
be owned and operated by the Borrower, (c) the long 
term financing of the land and improvements. The Bor- 
rower anticipates that the units will be leased to various 
tenants whose identities are unknown at this time. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 



1290 ORDINANCES Ord. No. 459 

"Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing and 
selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and 
all other details of the Bonds and the issuance and sale 
thereof, and to do any and all things necessary, proper 
or expedient in connection with the issuance and sale of 
the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economv in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 



ORDINANCES 1291 

solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection v^ith any contracts, mortgages or 
other securities purchased or othenvise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired v^ith 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $615,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der terms and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And he it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terais and provisions 
of this Ordinance. 

Sec. 4. And he it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 



1292 ORDINANCES Ord. No. 459 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agi'ee- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And he it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the t-axing power of the City, and shall not constitute a 
debt of the City, all \nthin the meaning of Section 7 of 
Article XI cf the Constitution of Maiyland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or othenvise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained. That the Borrower 
shall agree that: 



ORDINANCES 1293 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing- and Community Development m.ay refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, b}^ his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and deliveiy of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 



1294 ORDINANCES Ord. No. 459 

be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the "Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 



ORDINANCES 1295 

costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance v^ith the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of v^hich such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, v^hen, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 



1296 ORDINANCES Ord. No. 460 

of the City; provided, however, that the Board, after a 
shov^ing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Ma^jor. 



No. 460 
(Council No. 833) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
LEXINGTON-GREEN LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $2,600,000, 
pursuant to the provisions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision, as 



ORDINANCES 1297 

amended), for the sole and exclusive purpose of financing 
the costs, charges, fees and expenses in connection with 
the acquisition by Lexington-Green Limited Partnership 
of certain real property in Baltimore City together with 
any improvements located thereon, and the construction, 
reconstruction, renovation, and/or rehabilitation of im- 
provements which will be ovnied by Lexington-Green 
Limited Partnership and used as rental dwelling units, 
and to provide long term financing of the land and im- 
provements; authorizing the Mayor of the City, on be- 
half of the City, to accept the letter of intent dated 
October 12, 1981, from Lexington-Green Limited Part- 
nership to the City, making certain legislative findings; 
authorizing and empowering the Board of Finance of 
the City, by a resolution or resolutions adopted prior to 
the issuance, sale and delivery of any series of such 
bonds, to (a) prescribe, among other things but not 
limited to, the form, terms, provisions, manner or method 
of issuing and selling (including negotiated as well as 
competitive bid sale), and the time or tim^es of issuance, 
and any and all other details of such bonds, and (b) 
do any and all things necessary, proper or expedient 
in connection with the issuance and sale of such bonds; 
providing that Lexington-Green Limited Partnership 
shall agree to submit any plans and specifications to, 
and to coordinate with, the Department of Housing and 
Community Development in connection with the com- 
pletion of such project; providing that such bonds (or 
anticipation notes issued in anticipation of the issuance 
of such bonds) must be issued and sold within six months 
from the date this Ordinance is approved by the Mayor, 
unless the Board of Finance approves one six month 
extension as provided in this Ordinance; authorizing 
the issuance of notes in anticipation of the issuance of 
such revenue bonds; and generally providing for and 
determining various matters and details in connection 
with the issuance and sale of such bonds and bond an- 
ticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Bal- 
timore City (1964 Revision, as amended) (the ''Ena- 
bling Law"), empowers the Mayor and City Council of 



1298 ORDINANCES Ord. No. 460 

Baltimore (the "City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all 
of which shall be fully negotiable, payable, as to both 
principal and interest, solely from and secured solely 
by a pledge of (I) the revenues from or arising in 
connection with the property, facilities, developments 
and improvements who financing is undertaken by the 
issuance of such bonds, notes or other obligations, (II) 
the revenues from or arising in connection with any 
contracts, mortgages or other securities purchased or 
otherwise acquired with the proceeds of such bonds, 
notes or other obligations, (III) the contracts, mort- 
gages or other securities purchased or othervvase acquired 
^^'ith the proceeds of such bonds, notes or other obli- 
gations, or (IV) any combination of (I), (II) or (III). 
The pui-poses, objects and powers of the City contem- 
plated by the Enabling Law includes the relief of con- 
ditions of unemployment in Baltimore City, encoui^aging 
the increase of industry and a balanced economy in 
Baltimore City, promoting economic development in Bal- 
timore City, and promoting the health, welfare, safety 
of the residents of Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the ''Letter of Intent") from Lexington-Green 
Limited Partnership (the ''Borrower"), pursuant to 
which the Borrower has requested the City to paiidc- 
ipate in the financing of the costs of the acquisition 
and/or development by the Borrower of a certain proj- 
ect in Baltimore City, Maryland (the "Project"), by 
issuing and selling the City's industrial development 
revenue bonds in the aggregate principal amount not 
to exceed $2,600,000, (the "Bonds"), and by making 
the proceeds of the Bonds available to the Borix)wer to 
'be used by the Borrower for the sole and exclusive pur- 
pose of financing the costs of the acquisition and/or 
development of the Project by the Borrower. 

The Project, which is an "undertaking" which \vill 
accomplish the pui'poses, objects and powers of the 
City as mentioned in the Enabling Law, ^\dll consist 



ORDINANCES 1299 

generally of (a) the acquisition by the Borrower of 
certain real property located at 617-631 West Lexing- 
ton Street in the Orchard-Biddle Urban Renewal Area 
for use as rental dwellings, (b) the renovation, re- 
habilitation, construction, and/or reconstruction of any 
existing improvements which will be owned and op- 
erated by the Borrower, and (c) the long teiTn financ- 
ing of the land and improvements. The Borrower antic- 
ipates that the units will be leased to various tenants 
whose identities are unknown at this time. 

The Borrower, through the City has applied for an 
Urban Development Action Grant, the proceeds of which 
will be used to pay a portion of the costs of the acqui- 
sition and development of the Project. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
''Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordmned by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 



1300 ORDINANCES Ord. No. 460 

nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $2,600,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der terms and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And be it further ordained. That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 



ORDINANCES 1301 

and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 



1302 ORDINANCES Ord. No. 460 

restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or othei^vise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. Aiid be it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work ^^ith the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And he it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 



ORDINANCES 1303 

and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply vdth the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the "Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the "Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, pro\isions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 



1304 ORDINANCES Ord. No. 460 

all other details of such bond anticipation notes and the 
issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tom.ary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (\\ithout limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any pro\ision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 



ORDINANCES 1305 

ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, how^ever, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



1306 ORDINANCES Ord. No. 461 

No. 461 
(Council No. 834) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
BOKEL JOINT VENTURE 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full 
faith and credit, its industrial development revenue 
bonds, in the aggregate principal amount not to exceed 
$1,000,000, pursuant to the provisions of Sub-section 
(50) of Article II of the Charter of Baltimore City 
(1964 Revision, as amended), for the sole and exclusive 
purpose of financing the costs, charges, fees and ex- 
penses in connection with the acquisition by Bokel Joint 
Venture of certain real property in Baltimore City to- 
gether with any improvements located thereon, and 
the construction, reconstruction, renovation, and /or re- 
habilitation of improvements which will be o\\Tied by 
Bokel Joint Venture and used as a community center 
vrith mxUltiple commercial uses, and to pro\'ide long term 
financing of the land and improvements; authorizing 
the Mayor of the City, on behalf of the City, to accept 
the letter of intent dated October 12, 1981, from Bokel 
Joint Venture to the City, making certain legislative 
findings; authorizing and empowering the Board of 
Finance of the City, by a resolution or resolutions 
adopted prior to the issuance, sale and delivery of any 
series of such bonds, to (a) prescribe, among other 
things but not limited to, the form, terms, provisions, 
manner or method of issuing and selling (including nego- 
tiated as well as competitive bid sale), and the time or 
times of issuance, and any and all other details of such 
bonds, and (b) do any and all things necessary, proper 
or expedient in connection with the issuance and sale 
of such bonds ; providing that Bokel Joint Venture shall 
agree to submit any plans and specifications to, and to 
coordinate with, the Department of Housing and Com- 
munity Development in connection with the completion 
of such project; providing that such bonds (or antici- 



ORDINANCES 1307 

pation notes issued in anticipation of the issuance of 
such bonds) must be issued and sold within six months 
from the date this Ordinance is approved by the Mayor, 
unless the Board of Finance approves one six month 
extension as provided in this Ordinance; authorizing 
the issuance of notes in anticipation of the issuance 
of such revenue bonds; and generally providing for 
and determining various matters and details in con- 
nection vv^ith the issuance and sale of such bonds and 
bond anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Bal- 
timore City (1964 Revision, as amended) (the "Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the "City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (including 
refunding bonds, notes or other obligations), all of which 
s;hall be fully negotiable, payable, as to both principal 
and interest, solely from and secured solely by a pledge 
of (I) the revenues from or arising in connection with 
the property, facilities, developments and improvements 
whose financing is undertaken by the issuance of such 
bonds, notes or other obligations, (II) the revenues from 
or arising in connection with any contracts, mortgages 
or other securities purchased or otherwise acquired with 
the proceeds of such bonds, notes or other obligations, 
(III) the contracts, mortgages or other securities pur- 
chased or otherwise acquired with the proceeds of such 
bonds, notes or other obligations, or (IV) any combina- 
tion of (I), (II) or (III). The purposes, objects and 
powers of the City contemplated by the Enabling Law 
includes the relief of conditions of unemployment in 
Baltimore City, encouraging the increase of industry 
and a balanced economy in Baltimore City, promoting 
economic development in Baltimore City, and promoting 
the health, welfare, safety of the residents of Baltimore 
City. 

The City has received a letter of intent dated October 
12, 1981, (the "Letter of Intent") from Bokel Joint 



1308 ORDINANCES Ord. No. 4G1 

Venture (the "Borrower"), pursuant to which the Bor- 
rower has requested the City to participate in the fi- 
nancing of the costs of the acquisition and/or develop- 
ment by the Borrower of a certain project in Baltimore 
City, Maryland (the ''Project"), by issuing and selling 
the City's industrial development revenue bonds in the 
aggregate principal amount not to exceed $1,000,000, 
(the ''Bonds"), and by making the proceeds of the Bonds 
available to the Borrower to be used by the Borrower 
for the sole and exclusive purpose of financing the costs 
of the acquisition and/or development of the Project by 
the Borrower. 

The Project, which is an "undertaking"' which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist generally 
of (a) the acquisition by the Borrower of certain real 
property located at the southwest corner of York Road 
and Notre Dame Lane in the York-Woodbourne Area 
for use as a community center with multiple commercial 
uses, (b) the renovation, rehabilitation, construction, 
and/or reconstruction of any existing improvements 
which will be owned and operated by the Borrower, and 
(c) the long term financing of the land and improvements. 

The Enabling Law provides that the City may au- 
thorize and empower the Board of Finance of the City 
(the "Board") by resolution to determine and set forth 
the form, terms, provisions, manner or method of issu- 
ing and selling (including negotiated as well as competi- 
tive bid sale), and the time or times of issuance, and 
any and all other details of the Bonds and the issuance 
and sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW : 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 



ORDINANCES 1309 

ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $1,000,000, 



1310 ORDINANCES Ord. No. 461 

subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der terms and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to: 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 



ORDINANCES 1311 

Sec. 5. And be it further ordained, That any and all of 

the Bonds shall not be general obligations of the City and 
sha;ll not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by 'a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work wdth the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 



1312 ORDINANCES Ord. No. 461 

his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate oflficial of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. A7id be it fzirther ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the "Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 



ORDINANCES 1313 

of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 



1314 ORDINANCES Ord. No. 461 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. A7id be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and wdthout action by 
the City Council, shall determine the sufl^ciency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

V/ILLIAM DONALD SCHAEFER, Mayor. 



ORDINANCES 1315 

No. 462 
(Council No. 835) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
TRINITY PLACE LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, 
as limited obligations of the City and not upon its 
full faith and credit, its industrial development revenue 
bonds, in the aggregate principal amount not to exceed 
$4,000,000, pursuant to the provisions of Sub-section 
(50) of Article II of the Charter of Baltimore City 
(1964 Revision, as amended), for the sole and exclusive 
purpose of financing the costs, charges, fees and ex- 
penses in connection with the acquisition by Trinity 
Place Limited Partnership of certain real property lo- 
cated at the southeast corner of the intersection of 
Bank Street and Exeter Street in Little Italy, in Bal- 
timore City, together with any improvements located 
thereon, and the construction, reconstruction, renova- 
tion, and/or rehabilitation of improvements which will 
be owned by Trinity Place Limited Partnership and used 
as rental dwelling units, and to provide long term fi- 
nancing of the land and improvements; authorizing 
the Mayor of the City, on behalf of the City, to accept 
the letter of intent dated October 12, 1981, from Trinity 
Place Limited Partnership to the City, making certain 
legislative findings; authorizing and empowering the 
Board of Finance of the City, by a resolution or resolu- 
tions adopted prior to the issuance, sale and delivery 
of any series of such bonds, to (a) prescribe, among 
other things but not limited to, the form, terms, provi- 
sions, manner or method of issuing and selling (includ- 
ing negotiated as well as competitive bid sale), and the 
time or times of issuance, and any and all other details 
of such bonds, and (b) do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of such bonds; providing that Trinity Place Limited 
Partnership shall agree to submit any plans and specifi- 



1316 ORDINANCES Ord. No. 462 

cations to, and to coordinate with, the Department of 
Housing and Community Development in connection with 
the completion of such project; providing that such bonds 
(or anticipation notes issued in anticipation of the issu- 
ance of such bonds) must be issued and sold within six 
months from the date this Ordinance is approved by the 
Mayor, unless the Board of Finance approves one six 
month extension as provided in this Ordinance; author- 
izing the issuance of notes in anticipation of the issuance 
of such revenue bonds; and generally providing for and 
determining various matters and details in connection 
with the issuance and sale of such bonds and bond 
anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the "Enabling 
Law"), empowers the Mayor and City Council of Bal- 
timore (the "City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both prin- 
cipal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connection 
with the property, facilities, developments and improve- 
ments whose financing is undertaken by the issuance of 
such bonds, notes or other obligations, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of such bonds, notes or other obliga- 
tions, (III) the contracts, mortgages or other securities 
purchased or otherwise acquired with the proceeds of 
such bonds, notes or other obligations, or (IV) any 
combination of (I), (II) or (III). The purposes, objects 
and powers of the City contemplated by the Enabling 
Law includes the relief of conditions of unemployment 
in Baltimore City, encouraging the increase of industry 
and a balanced economy in Baltimore City, promoting 
economic development in Baltimore City, and promoting 
the health, welfare, safety of the residents of Baltimore 
City. 



ORDINANCES 1317 

The City has received a letter of intent dated October 
12, 1981, (the "Letter of Intent") from Trinity Place 
Limited Partnership (the "Borrower"), pursuant to 
which the Borrower has requested the City to partici- 
pate in the financing of the costs of the acquisition and/ 
or development by the Borrower of a certain project in 
Baltimore City, Maryland (the "Project"), by issuing 
and selling the City's industrial development revenue 
bonds in the aggregate principal amount not to exceed 
$4,000,000, (the "Bonds"), and by making the proceeds 
of the Bonds available to the Borrower to be used by the 
Borrower for the sole and exclusive purpose of financing 
the costs of the acquisition and/or development of the 
Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist gener- 
ally of (a) the acquisition by the Borrower of certain 
real property located at the southeast corner of the inter- 
section of Bank and Exeter Streets in Little Italy for 
use as rental dwellings, (b) the renovation, rehabilita- 
tion, construction, and/or reconstruction of any existing 
improvements which will be owned by the Borrower, and 
(c) the long term financing of the land and improve- 
ments. The Borrower anticipates that the units will be 
leased to various tenants whose identities are unknown 
at this time. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
"Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of the Bonds and the issuance and sale 
thereof, and to do any and all things necessary, proper 
or expedient in connection with the issuance and sale of 
the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 



1318 ORDINANCES Ord. No. 462 

of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereaf available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and /or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
emplo\Tnent in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industiy and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or othenWse acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And he it further ordained. That the City is 
hereby authorized and empowered to issue and sell, at 



ORDINANCES 1319 

any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $4,000,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der teiTns and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And he it further ordained. That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to: 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates ) , under which 
the proceeds of the Bonds will be made available to the 



1320 ORDINANCES Ord. No. 462 

Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained. That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 



ORDINANCES 1321 

on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And he it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 



1322 ORDINANCES Ord. No. 462 

suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the ''Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 



ORDINANCES 1323 

not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And he it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
shovdng of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 



1324 ORDINANCES Oid. No. 463 

and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 463 
(Council No. 837) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
HOUSING ASSISTANCE CORPORATION 

FOR the purpose of authorizing and empowering Mayor and 
City Council of Baltimore to issue and sell, at any time or 
from time to time and in one or more series, as limited 
obligations of the City and not upon its full faith and 
credit, its industrial development revenue bonds, in the 
aggregate principal amount not to exceed $10,000,000, 
pursuant to the provisions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision, as 
amended), for the sole and exclusive pui^ose of financ- 
ing the costs, charges, fees and expenses in connection 
with the acquisition by Housing Assistance Corporation 
its subsidiaries and assigns of certain real property in 
Baltimore City together with any improvements located 
thereon, and the construction, reconstruction, renova- 
tion, and/or rehabilitation of improvements which ^\^ll 
be owned by Housing Assistance CoiT)oration its sub- 
sidiaries and assigns and used as rental dwelling units, 
and to provide long term financing of the land and im- 
provements; authorizing the Mayor of the City, on be- 
half of the City, to accept the letter of intent dated 
October 12, 1981, from Housing Assistance Corporation 
its subsidiaries and assigns to the City, making certain 
legislative findings; authorizing and empowering the 



ORDINANCES 1325 

Board of Finance of the City, by a resolution or reso- 
lutions adopted prior to the issuance, sale and delivery 
of any series of such bonds, to (a) prescribe, among 
other things but not limited to, the form, terms, pro- 
visions, manner or method of issuing and selling (in- 
cluding negotiated as v^ell as competitive bid sale), and 
the time or times of issuance, and any and all other 
details of such bonds, and (b) do any and all things 
necessary, proper or expedient in connection with the 
issuance and sale of such bonds; providing that Housing 
Assistance Corporation its subsidiaries and assigns shall 
agree to submit any plans and specifications to, and to 
coordinate with, the Department of Housing and Com- 
munity Development in connection with the completion 
of such project; providing that such bonds (or antic- 
ipation notes issued in anticipation of the issuance of 
such bonds) must be issued and sold within one year 
from the date this Ordinance is approved by the Mayor, 
unless the Board of Finance approves one one year 
extension as provided in this Ordinance; authorizing the 
issuance of notes in anticipation of the issuance of such 
revenue bonds; and generally providing for and deter- 
mining various matters and details in connection with 
the issuance and sale of such bonds and bond anticipation 
notes. 

RECITALS 

Sub-section (50) of Article H of the Charter of Bal- 
timore City (1964 Revision, as amended) (the ''Ena- 
bling Law"), empowers the Mayor and City Council of 
Baltimore (the ''City") to borrow money to finance un- 
dertakings for the accomplishment of any of the pur- 
poses, objects and powers of the City and in connection 
therewith to issue bonds, notes, or other obligations 
(including refunding bonds, notes or other obligations), 
all of which shall be fully negotiable, payable, as to both 
principal and interest, solely from and secured solely 
by a pledge of (I) the revenues from or arising in con- 
nection with the property, facilities, developments and 
improvements whose financing is undertaken by the is- 
suance of such bonds, notes or other obligations, (H) 
the revenues from or aiising in connection with any 
contracts, mortgages or other securities purchased or 



1326 ORDINANCES Ord. No. 463 

otherwise acquired with the proceeds of such bonds, notes 
or other obligations, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of such bonds, notes or other obligations, 
or (IV) any combination of (I), (II) or (III). The pur- 
poses, objects and powers of the City contemplated by 
the Enabling Law includes the relief of conditions of 
unemplojTiient in Baltimore City, encouraging the in- 
crease of industry and a balanced economy in Baltimore 
City, promoting economic development in Baltimore City, 
and promoting the health, welfare, safety of the resi- 
dents of Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the "Letter of Intent") from Housing Assis- 
tance Coii3oration its subsidiaries and assigns (the ''Bor- 
rower"), pursuant to which the Borrower has requested 
the City to participate in the financing of the costs of 
the acquisition and/or development by the Borrower 
of a certain project in Baltimore City, Maryland (the 
"Project"), by issuing and selling the City's industrial 
development revenue bonds in the aggregate principal 
amount not to exceed $10,000,000, (the ''Bonds"), and 
by making the proceeds of the Bonds available to the 
Borrower to be used by the Borrower for the sole and 
exclusive purpose of financing the costs of the acquisi- 
tion and/or development of the Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist generally 
of (a) the acquisition by the Borrower of certain real 
property at various locations in Baltimore City, (b) the 
renovation, rehabilitation, construction, and/or recon- 
struction of any existing improvements for use as rental 
dwellings v/hich will be ov/ned and operated by the Bor- 
rower, and (c) the long term financing of the land and 
improvements. The Borrower anticipates that the units 
will be leased to various tenants whose identities are 
unknown at this time. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
"Board") by resolution to determine and set forth the 



ORDINANCES 1327 

form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law^ in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and /or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
emplojTnent in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 



1328 ORDINANCES Ord. No. 463 

in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or othenvise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $10,000,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der terms and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And he it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And he it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 



ORDINANCES 1329 

nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under v^hich 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutoiy or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or othenvise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Depaiizaent of Housing and Community 



1330 ORDINANCES Ord. No. 463 

Development for approval, and that the Depaiijnent of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 



ORDINANCES 1331 

Sec. 8. And he it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the "Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the ''Bonds'* shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 



1332 ORDINANCES Ord. No. 463 

of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within one year from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such one year 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 



ORDINANCES 1333 

sold for one additional term not to exceed one year 
from the date on which the first one year period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the one year period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 464 
(Council No. 838) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
WEST FAYETTE LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full 
faith and credit, its industrial development revenue 
bonds, in the aggregate principal amount not to exceed 
$4,800,000, pursuant to the provisions of Sub-section 
(50) of Article II of the Charter of Baltimore City 
(1964 Revision, as amended), for the sole and exclusive 
pui-pose of financing the costs, charges, fees and expenses 
in connection with the acquisition by West Fayette 
Limited Partnership of certain real property in Balti- 
more City together with any improvements located there- 



1334 ORDINANCES Ord. No. 464 

on, and the construction, reconstruction, renovation, 
and/or rehabilitation of improvements which will be 
owned by West Fayette Limited Partnership and used 
as rental dwelling units, and to provide long term fi- 
nancing of the land and improvements; authorizing the 
Mayor of the City, on behalf of the City, to accept the 
letter of intent dated October 12, 1981, from West 
Fayette Limited Partnership to the City, making cer- 
tain legislative findings; authorizing and empowering 
the Board of Finance of the City, by a resolution or 
resolutions adopted prior to the issuance, sale and de- 
livery of any series of such bonds, to (a) prescribe, 
among other things but not limited to, the fonn, terms, 
provisions, manner or method of issuing and selling 
(including negotiated as well as competitive bid sale), 
and the time or times of issuance, and any and all other 
details of such bonds, and (b) do any and all things 
necessary, proper or expedient in connection with the 
issuance and sale of such bonds; providing that West 
Fayette Limited Partnership shall agree to submit any 
plans and specifications to, and to coordinate with, the 
Department of Housing and Community Development 
in connection with the completion of such project; pro- 
viding that such bonds (or anticipation notes issued in 
anticipation of the issuance of such bonds) must be is- 
sued and sold within one year from the date this Ordi- 
nance is approved by the Mayor, unless the Board of 
Finance approves one one year extension as provided 
in this Ordinance; authorizing the issuance of notes in 
anticipation of the issuance of such revenue bonds; and 
generally providing for and deteiTnining various matters 
and details in connection with the issuance and sale of 
such bonds and bond anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Bal- 
timore City (1964 Revision, as amended) (the ''Ena- 
bling Law"), empowers the Mayor and City Council of 
Baltimore (the ''City'') to borrow money to finance 
undertakings for the accomplishment of any of the 
purposes, objects and powers of the City and in con- 
nection therewith to issue bonds, notes, or other obli- 



ORDINANCES 1335 

g-ations (including refunding bonds, notes or other obli- 
gations), all of which shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the property, facilities, de- 
velopments and improvements whose financing is under- 
taken by the issuance of such bonds, notes or other 
obligations, (II) the revenues from or arising in con- 
nection with any contracts, mortgages or other secur- 
ities purchased or otherwise acquired with the proceeds 
of such bonds, notes or other obligations, (III) the con- 
tracts, mortgages or other securities purchased or other- 
wise acquired with the proceeds of such bonds, notes or 
other obligations, or (IV) any combination of (I), (II) 
or (III). The purposes, objects and powers of the City 
contemplated by the Enabling Law includes the relief 
of conditions of unemplo\Tnent in Baltimore City, en- 
couraging the increase of industry and a balanced econ- 
omy in Baltimore City, promoting economic develop- 
ment in Baltimore Cit3% and promoting the health, wel- 
fare, safety of the residents of Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the ''Letter of Intent") from West Fayette 
Limited Partnership (the ''Borrower"), pursuant to 
which the Borrower has requested the City to participate 
in the financing of the costs of the acquisition and/or 
development by the Borrower of a certain project in 
Baltimore City, Maryland (the "Project"), by issuing 
and selling the City's industrial development revenue 
bonds in the aggregate principal amount not to exceed 
$4,800,000, (the "Bonds"), and by making the proceeds 
of the Bonds available to the Borrower to be used by 
the Borrower for the sole and exclusive pui'pose of fi- 
nancing the costs of the acquisition and/or development 
of the Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist gen- 
erally of (a) the acquisition by the Borrower of certain 
real property located at 1500-1532 and 1501-1531 West 
Fayette Street in the Franklin Square Urban Renewal 
Area for use as rental dwellings, (b) the renovation. 



1336 ORDINANCES Ord. No. 464 

rehabilitation, construction, and/or reconstruction of any- 
existing improvements which will be owned and oper- 
ated by the Borrower, and (c) the long term financing 
of the land and improvements. The Borrower antic- 
ipates that the units will be leased to various tenants 
whose identities are unknown at this time. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
"Board") by resolution to determine and set forth the 
form, teiTns, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale) , and the time or times of issuance, and any and 
all other details of the Bonds and the issuance and sale 
thereof, and to do any and all things necessary, proper 
or expedient in connection with the issuance and sale 
of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will sei^e to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 



ORDINANCES 1337 

involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or other^vise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired vnth 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $4,800,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der teiTns and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 



1338 ORDINANCES Ord. No. 464 

empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 



ORDINANCES 1339 

gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further- ordained, That the Borrower 
shall agree that: 

('a) lit mil submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Depaii;m-ent of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 



1340 ORDINANCES Ord. No. 464 

Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordaiyied, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And he it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the ''Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such pro\asions 
in any such trust agreement or similar agreement as the 



ORDINANCES 1341 

Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 



1342 ORDINANCES Ord. No. 465 

or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. Arid be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within one year from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such one year 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed one year 
from the date on which the first one year period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the one year period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



No. 465 
(Council No. 839) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
HEPTASOPH LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 



ORDINANCES 1343 

time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $9,000,000, 
pursuant to the provisions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision, as 
amended), for the sole and exclusive purpose of financ- 
ing the costs, charges, fees and expenses in connection 
with the acquisition by Heptasoph Limited Partnership 
of certain real property in Baltimore City together with 
any improvements located thereon, and the construction, 
reconstruction, renovation, and/or rehabilitation of im- 
provements which will be owned by Heptasoph Limited 
Partnership and used as multi-use commercial complex, 
and to provide long term financing of the land and im- 
provements ; authorizing the Mayor of the City, on behalf 
of the City, to accept the letter of intent dated October 
12, 1981, from Heptasoph Limited Partnership to the 
City, making certain legislative findings; authorizing 
and empowering the Board of Finance of the City, by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any series of such bonds, to (a) 
prescribe, among other things but not limited to, the 
form, terms, provisions, manner or method of issuing and 
selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of such bonds, and (b) do any and all 
things necessary, proper or expedient in connection with 
the issuance and sale of such bonds; providing that 
Heptasoph Limited Partnership shall agree to submit 
any plans and specifications to, and to coordinate with, 
the Department of Housing and Community Develop- 
ment in connection with the completion of such project; 
providing that such bonds (or anticipation notes issued 
in anticipation of the issuance of such bonds) must be 
issued and sold within one year from the date this 
Ordinance is approved by the Mayor, unless the Board 
of Finance approves one one year extension as provided 
in this Ordinance; authorizing the issuance of notes in 
anticipation of the issuance of such revenue bonds; and 
generally providing for and determining various matters 
and details in connection with the issuance and sale of 
such bonds and bond anticipation notes. 



1.S44 ORDINANCES Ord. No. 465 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the "Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the **City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both prin- 
cipal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connection 
with the property, facilities, developments and improve- 
ments whose financing is undertaken by the issuance of 
such bonds, notes or other obligations, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise ac- 
quired with the proceeds of such bonds, notes or other 
obligations, (III) the contracts, mortgages or other se- 
curities purchased or otherwise acquired with the pro- 
ceeds of such bonds, notes or other obligations, or (IV) 
any combination of (I), (II) or (III). The purposes, ob- 
jects and powers of the City contemplated by the En- 
abling Law includes the relief of conditions of unem- 
ployment in Baltimore City, encouraging the increase of 
industry and a balanced economy in Baltimore City, 
promoting economic development in Baltimore City, and 
promoting the health, welfare, safety of the residents of 
Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the ''Letter of Intent") from Heptasoph 
Limited Partnership (the ''Borrower"), pursuant to 
which the Borrower has requested the City to participate 
in the financing of the costs of the acquisition and/or 
development by the Borrower of a certain project in 
Baltimore City, Maryland (the "Project"), by issuing 
and selling the City's industrial development revenue 
bonds in the aggregate principal amount not to exceed 
$9,000,000, (the "Bonds"), and by making the proceeds 
of the Bonds available to the Borrower to be used by 
the Borrower for the sole and exclusive purpose of fi- 



ORDINANCES 1345 

nancing the costs of the acquisition and/or development 
of the Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist generally 
of (a) the acquisition by the Borrower of certain real 
property located in the unit block of West Preston Street 
in the Mount Vernon Historic District for use as a 
multiple-use commercial complex, (b) the renovation, 
rehabilitation, construction, and/or reconstruction of any 
existing improvements which will be owned ond op- 
erated by the Borrower, and (c) the long term financing 
of the land and improvements. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Penance of the City (the 
"Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance 
and sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 



1346 ORDINANCES Ord. No. 465 

plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industiy and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or other^vise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $9,000,000, 
subject to the provisions of this Ordinance. The pix>ceeds 
of the Bonds will be made available to the Borrower un- 
der teiTns and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
so^e and exclusive purpose of financing the costs of the 
acquisition and /or development of the Project. 

Sec. 3. And he it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 



ORDINANCES 1347 

and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as comx)etitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/ or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 



1348 ORDINANCES Ord. No. 465 

restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or othei-^vise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further or darned, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and deliveiy of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 



ORDINANCES 1349 

and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That th^ authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the "Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the "Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 



1350 ORDINANCES Ord. No. 465 

all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not vnthin the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 



ORDINANCES 1351 

ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within one year from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such one year 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed one year 
from the date on which the first one year period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the one year period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority pro\aded in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



1352 ORDINANCES Ord. No. 466 

No. 466 
(Council No. 841) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
FRANKLIN SQUARE LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $3,000,000 
pursuant to the provisions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision, as 
amended), for the sole and exclusive purpose of financ- 
ing the costs, charges, fees and expenses in connection 
with the acquisition by Franklin Square Limited Part- 
nership of certain real property being the square block 
bounded by Carey, Lexington, Calhoun, and Saratoga 
Streets in the Franklin Square Urban Renewal Area in 
Baltimore City, together with any improvements located 
thereon, and the construction, reconstruction, renovation, 
and/or rehabilitation of improvements which will be 
owned by Franklin Square Limited Partnership and used 
as rental dw^elling units, and to provide long term fi- 
nancing of the land and improvements; authorizing the 
Mayor of the City, on behalf of the City, to accept the 
letter of intent dated October 12, 1981, from Franklin 
Square Limited Partnership to the City, making certain 
legislative findings; authorizing and empowering the 
Board of Finance of the City, by a resolution or resolu- 
tions adopted prior to the issuance, sale and delivery of 
any series of such bonds, to (a) prescribe, among other 
things but not limited to, the form, terms, provisions, 
manner or method of issuing and selling (including 
negotiated as well as competitive bid sale), and the time 
or times of issuance, and any and all other details of 
such bonds, and (b) do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of such bonds; providing that Franklin Square 
Limited Partnership shall agi-ee to submit any plans and 



ORDINANCES 1353 

specifications to, and to coordinate with, the Department 
of Housing and Community Development in connection 
with the completion of such project; providing that such 
bonds (or anticipation notes issued in anticipation of the 
issuance of such bonds) must be issued and sold within 
one year from the date this Ordinance is approved by 
the Mayor, unless the Board of Finance approves one one 
year extension as provided in this Ordinance; author- 
izing the issuance of notes in anticipation of the issuance 
of such revenue bonds; and generally providing for and 
determining various matters and details in connection 
with the issuance and sale of such bonds and bond antici- 
pation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the ''Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the "City") to borrow money to finance under- 
takings for the accomplishment of any of the puii^oses, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both prin- 
cipal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connection 
with the property, facilities, developments and improve- 
ments whose financing is undertaken by the issuance of 
such bonds, notes or other obligations, (II) the revenues 
from or arising in connection v^ith any contracts, mort- 
gages or other securities purchased or otherwise ac- 
quired with the proceeds of such bonds, notes or other 
obligations, (III) the contracts, mortgages or other se- 
curities purchased or otherwise acquired vdth the pro- 
ceeds of such bonds, notes or other obligations, or (IV) 
any combination of (I), (II) or (III). The purposes, 
objects and powers of the City contemplated by the En- 
abling Law includes the relief of conditions of unemploy- 
ment in Baltimore City, encouraging the increase of 
industry and a balanced economy in Baltimore City, 
promoting economic development in Baltimore City, and 
promoting the health, welfare, safety of the residents of 
Baltimore City. 



1354 ORDINANCES Ord. No. 466 

The City has received a letter of intent dated October 
12, 1981, (the ''Letter of Intent") from Franklin Square 
Limited Partnership (the ''Borrower"), pursuant to 
which the Borrower has requested the City to participate 
in the financing of the costs of the acquisition and/or 
development by the Borrower of a certain project in 
Baltimore City, Maryland (the "Project"), by issuing 
and selling the City's industrial development revenue 
bonds in the aggregate principal amount not to exceed 
$3,000,000 (the "Bonds"), and by making the proceeds 
of the Bonds available to the Borrower to be used by the 
Borrower for the sole and exclusive purpose of financ- 
ing the costs of the acquisition and/or development of 
the Project by the Borrower. 

The Project, which is an "undertaking" which will ac- 
complish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist gener- 
ally of (a) the acquisition by the Borrower of certain 
real property being the square block bounded by Carey, 
Lexington, (Calhoun, and Saratoga Streets in the Frank- 
lin Square Urban Renewal Area for use as rental dwell- 
ings, (b) the renovation, rehabilitation, construction, 
and/or reconstruction, of any existing improvements 
which will be owned and operated by the Borrower, and 
(c) the long term financing of the land and improve- 
ments. The Borrower anticipates that the units will be 
leased to various tenants whose identities are unknown 
at this time. 

The Borrower, through the City, has applied for an 
Urban Development Action Grant, the proceeds of which 
will be used to pay a portion of the costs of the acquisi- 
tion and development of the Project. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
"Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 



ORDINANCES 1355 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired ^vi\\\ the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 



1356 ORDINANCES Ord. No. 466 

resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $3,000,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der teiTQs and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And be it further ordained. That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law% the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agi'eement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 



ORDINANCES 1357 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under w^hich 
the proceeds of the Bonds v^ill be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that : 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 



1358 ORDINANCES Ord. No. 466 

and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. A7id be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the ]\Iayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his 'her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and deliveiy of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And he it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 



ORDINANCES 1359 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the "Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as v^ell as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 



1360 ORDINANCES Ord. No. 466 

may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within one year from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such one year 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed one year 
from the date on which the first one year period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the one year period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 



ORDINANCES 1361 

sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 467 
(Council No. 842) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 

BARCLAY-GREENMOUNT NSA 

LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $6,500,000 
pursuant to the provisions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision, as 
amended), for the sole and exclusive purpose of financ- 
ing the costs, charges, fees and expenses in connection 
with the acquisition by Barclay-Greenmount NSA Lim- 
ited Partnership of certain real property in Baltimore 
City together with any improvements located thereon, 
and the construction, reconstruction, renovation, and/or 
rehabilitation of improvements which will be owned by 
Barclay-Greenmount NSA Limited Partnership and used 
as rental dwelling units, and to provide long term fi- 
nancing of the land and improvements; authorizing the 
Mayor of the City, on behalf of the City, to accept the 



1362 ORDINANCES Ord. No. 467 

letter of intent dated October 12, 1981, from Barclay- 
Greenmount NSA Limited Partnership to the City, mak- 
ing certain legislative findings; authorizing and empow- 
ering the Board of Finance of the City, by a resolution 
or resolutions adopted prior to the issuance, sale and 
delivery of any series of such bonds, to (a) prescribe, 
among other things but not limited to, the form, terms, 
provisions, manner or method of issuing and selling (in- 
cluding negotiated as well as competitive bid sale), and 
the time or times of issuance, and any and all other 
details of such bonds, and (b) do any and all things 
necessary, proper or expedient in connection with the 
issuance and sale of such bonds ; providing that Barclay- 
Greenmount NSA Limited Partnership shall agree to 
submit any plans and specifications to, and to coordinate 
with, the Department of Housing and Community De- 
velopment in connection with the completion of such 
project; providing that such bonds (or anticipation notes 
issued in anticipation of the issuance of such bonds) 
must be issued and sold within six months from the date 
this Ordinance is approved by the Mayor, unless the 
Board of Finance approves one six month extension as 
provided in this Ordinance; authorizing the issuance of 
notes in anticipation of the issuance of such revenue 
bonds; and generally providing for and determining 
various matters and details in connection with the issu- 
ance and sale of such bonds and bond anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the "Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the "City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both prin- 
cipal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connection 
with the property, facilities, developments and improve- 
ments whose financing is undertaken by the issuance of 
such bonds, notes or other obligations, (II) the revenues 



ORDINANCES 1363 

from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of such bonds, notes or other obliga- 
tions, (III) the contracts, mortgages or other securities 
purchased or otherwise acquired with the proceeds of 
such bonds, notes or other obligations, or (IV) any com- 
bination of (I), (II) or (III). The purposes, objects and 
powers of the City contemplated by the Enabling Law 
includes the relief of conditions of unemployment in Bal- 
timore City, encouraging the increase of industry and a 
balanced economy in Baltimore City, promoting economic 
development in Baltimore City, and promoting the health, 
welfare, safety of the residents of Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the "Letter of Intent'^) from Barclay-Green- 
mount NSA Limited Partnership (the "Borrower"), 
pursuant to which the Borrower has requested the City 
to participate in the financing of the costs of the acqui- 
sition and/or development by the Borrower of a certain 
project in Baltimore City, Maryland (the "Project"), by 
issuing and selling the City's industrial development 
revenue bonds in the aggregate principal amount not to 
exceed $6,500,000 (the "Bonds"), and by making the 
proceeds of the Bonds available to the Borrower to be 
used by the Borrower for the sole and exclusive purpose 
of financing the costs of the acquisition and/or develop- 
ment of the Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist generally 
of (a) the acquisition by the Borrower of certain real 
property located in the Barclay and Greenmount NSA 
Urban Renewal Areas, (b) the renovation, rehabilitation, 
construction, and/or reconstruction of any existing im- 
provements which will be owned and operated by the 
Borrower, and (c) the long term financing of the land 
and improvements. The Borrower anticipates that the 
units will be leased to various tenants whose identities 
are unkno^vn at this time. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 



13G4 ORDINANCES Ord. No. 467 

"Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing and 
selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale 
thereof, and to do any and all things necessary, proper 
or expedient in connection with the issuance and sale 
of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW : 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and /or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and /or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
emplojTnent in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Ai-ticle XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 



ORDINANCES 1365 

solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $6,500,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der teiTQs and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And he it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof ; 



1366 ORDINANCES Ord. No. 467 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Lav^, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under v^hich 
the proceeds of the Bonds v^ill be made available to the 
Borrov^er to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection v^ith the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And he it further ordained, That any and all of 

the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maiyland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or othenvise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. A72d be it further ordai7ied, That the Borrower 
shall agree that: 



ORDINANCES 1367 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Depai-tment of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work wdth the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such oflicer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 



1368 ORDINANCES Ord. No. 467 

be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And he it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And he it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the ''Bonds" shall include such bond anticipation notes 
v^here appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as v^ell as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 



ORDINANCES 1369 

costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may l3e, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 



1370 ORDINANCES Ord. No. 468 

of the City; provided, however, that the Board, after a 
shov^ing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. A7id be it further ordained, That this Ordinance 
shall take eflfect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 468 
(Council No. 843) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
HOLLINS TOWNHOUSES LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full 
faith and credit, its industrial development revenue 
bonds, in the aggregate principal amount not to exceed 
$2,000,000, pursuant to the provisions of Sub-section 
(50) of Article II of the Charter of Baltimore City 



ORDINANCES 1371 

(1964 Revision, as amended), for the sole and exclusive 
purpose of financing the costs, charges, fees and ex- 
penses in connection with the acquisition by Hollins 
Townhouses Limited Partnership of certain real prop- 
erty in the 1000, 1100, and 1300 blocks of Hollins Street, 
the 1000 block of Booth Street, and the 900 block of 
Lemmon Street in the Poppleton and Franklin Square 
Urban Renewal Areas, in Baltimore City, together with 
any improvements located thereon, and the construc- 
tion, reconstruction, renovation, and/or rehabilitation 
of improvements which will be owned by Hollins Town- 
houses Limited Partnership and used as rental dwell- 
ing units, and to provide long term financing of the 
land and improvements; authorizing the Mayor of the 
City, on behalf of the City, to accept the letter of intent 
dated October 12, 1981, from Hollins Townhouses Lim- 
ited Partnership to the City, making certain legislative 
findings; authorizing and empowering the Board of Fi- 
nance of the City, by a resolution or resolutions adopted 
prior to the issuance, sale and delivery of any series 
of such bonds, to (a) prescribe, among other things 
but not limited to, the form, terms, provisions, manner 
or method of issuing and selling (including negotiated 
as well as competitive bid sale), and the time or times 
of issuance, and any and all other details of such bonds, 
and (b) do any and all things necessary, proper or 
expedient in connection with the issuance and sale of 
such bonds; providing that Hollins Townhouses Limited 
Partnership shall agree to submit any plans and speci- 
fications to, and to coordinate with, the Department 
of Housing and Community Development in connection 
with the completion of such project; providing that 
such bonds (or anticipation notes issued in anticipation 
of the issuance of such bonds) must be issued and 
sold within six months from the date this Ordinance 
is approved by the Mayor, unless the Board of Finance 
approves one six month extension as provided in this 
Ordinance; authorizing the issuance of notes in antic- 
ipation of the issuance of such revenue bonds; and 
generally providing for and determining various mat- 
ters and details in connection with the issuance and sale 
of such bonds and bond anticipation notes. 



1372 ORDINANCES Ord. No. 468 

RECITALS 

Sub-section (50) of Article II of the Charter of Bal- 
timore City (1964 Revision, as amended) (the "Ena- 
bling Law"), empowers the Mayor and City Council of 
Baltimore (the ''City") to borrow money to finance 
undertakings for the accomplishment of any of the 
purposes, objects and powers of the City and in con- 
nection therewith to issue bonds, notes, or other obliga- 
tions (including refunding bonds, notes or other obliga- 
tions), all of which shall be fully negotiable, payable, 
as to both principal and interest, solely from and se- 
cured solely by a pledge of (I) the revenues from or 
arising in connection with the property, facilities, de- 
velopments and improvements whose financing is under- 
taken by the issuance of such bonds, notes or other 
obligations, (II) the revenues from or arising in con- 
nection with any contracts, mortgages or other secur- 
ities purchased or otherwise acquired with the proceeds 
of such bonds, notes or other obligations, (III) the 
contracts, mortgages or other securities purchased or 
otherwise acquired with the proceeds of such bonds, 
notes or other obligations, or (IV) any combination of 
(I), (II) or (III). The purposes, objects and powers 
of the City contemplated by the Enabling Law includes 
the relief of conditions of unemplo^Tnent in Baltimore 
City, encouraging the increase of industry and a balanced 
economy in Baltimore City, promoting economic develop- 
ment in Baltimore City, and promoting the health, wel- 
fare, safety of the residents of Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the ''Letter of Intent") from Hollins Town- 
houses Limited Partnership (the "Borrower"), pursuant 
to which the Borrower has requested the City to par- 
ticipate in the financing of the costs of the acquisition 
and/or development by the Borrower of a certain proj- 
ect in Baltimore City, Maryland (the "Project"), by 
issuing and selling the City's industrial development 
revenue bonds in the aggregate principal amount not 
to exceed $2,000,000, (the "Bonds"), and by making 
the proceeds of the Bonds available to the Borrower to 
be used by the Borrower for the sole and exclusive pur- 



ORDINANCES 1373 

pose of financing the costs of the acquisition and/or 
development of the Project by the Borrower. 

The Project, which is an ''undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist gen- 
erally of (a) the acquisition by the Borrower of certain 
real property in the 1000, 1100, and 1300 blocks of Rol- 
lins Street, the 1000 block of Booth Street, and the 900 
block of Lemmon Street in the Poppleton and Franklin 
Square Urban Renewal Areas for use as rental dwell- 
ings, (b) the renovation, rehabilitation, construction, 
and/or reconstruction, of any existing improvements 
which will be owned and operated by the Borrower, and 
(c) the long term financing of the land and improve- 
ments. The 'Borrower anticipates that the units will be 
leased to various tenants whose identities are unknown 
at this time. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
''Board") by resolution to deteiTnine and set forth the 
foiTn, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale) , and the time or times of issuance, and any and 
all other details of the Bonds and the issuance and sale 
thereof, and to do any and all things necessary, proper 
or expedient in connection with the issuance and sale of 
the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 



1374 ORDINANCES Ord. No. 468 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and /or development as pix)vided in this ordi- 
nance will sei've to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economv in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $2,000,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der teiTns and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 



ORDINANCES 1375 

Sec. 3. And he it further ordoAned, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And he it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 



1376 ORDINANCES Ord. No. 468 

Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And he it fuy^ther ordained, That the Borrower 
shall agree that : 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work ^\ath the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And he it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
docimients as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 



ORDINANCES 1377 

and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And he it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the "Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the ''Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 



1378 ORDINANCES Ord. No. 468 

and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (^vithout limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the efl^ectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 



ORDINANCES 1379 

or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance v^ould have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to v^hich this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



1380 ORDINANCES Ord. No. 469 

No. 469 
(Council No. 844) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
AMITY RAMBLE LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, 
as limited obligations of the City and not upon its 
full faith and credit, its industrial development revenue 
bonds, in the aggregate piincipal amount not to exceed 
$2,100,000, pursuant to the provisions of Sub-section 
(50) of Ai-ticle II of the Charter of Baltimore City 
(1964 Revision, as amended), for the sole and exclu- 
sive purpose of financing the costs, charges, fees and 
expenses in connection with the acquisition by Amity 
Ramble Limited Partnership of certain real property 
located in Baltimore City together with any improve- 
ments located thereon, and the construction, reconstruc- 
tion, renovation, and/or rehabilitation of improvements 
which vnl\ be o^\Tled by Amity Ramble Limited Partner- 
ship and used as rental dwelling units for families and 
the elderly, and to provide long term financing of the 
land and improvements; authorizing the Mayor of the 
City, on behalf of the City, to accept the letter of intent 
dated October 12, 1981, from Amity Ramble Limited 
Partnership to the City, making certain legislative find- 
ings ; authorizing and empowering the Board of Finance 
of the City, by a resolution or resolutions adopted prior 
to the issuance, sale and delivery of any series of such 
bonds, to (a) prescribe, among other things but not 
limited to, the form, terms, provisions, manner or method 
of issuing and selling (including negotiated as well as 
competitive bid sale), and the time or times of issuance, 
and any and all other details of such bonds, and (b) 
do any and all things necessary, proper or expedient 
in connection with the issuance and sale of such bonds; 
providing that Amity Ramble Limited Partnership shall 
agree to submit any plans and specifications to, and to 
coordinate ^\ath, the Department of Housing and Com- 



ORDINANCES 1381 

munity Development in connection with the completion 
of such project; providing that such bonds (or antici- 
pation notes issued in anticipation of the issuance of 
such bonds) must be issued and sold within six months 
from the date this Ordinance is approved by the Mayor, 
unless the Board of Finance approves one six month 
extension as provided in this Ordinance; authorizing the 
issuance of notes in anticipation of the issuance of such 
revenue bonds; and generally providing for and deter- 
mining various matters and details in connection with 
the issuance and sale of such bonds and bond anticipa- 
tion notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the ''Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the ''City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both 
principal and interest, solely from and secured solely 
by a pledge of (I) the revenues from or arising in con- 
nection Avith the property, facilities, developments and 
improvements whose financing is undertaken by the 
issuance of such bonds, notes or other obligations, (II) 
the revenues from or arising in connection with any 
contracts, mortgages or other securities purchased or 
otherwise acquired \vith the proceeds of such bonds, 
notes or other obligations, (III) the contracts, mort- 
gages or other securities purchased or otherwise ac- 
quired with the proceeds of such bonds, notes or other 
obligations, or (IV) any combination of (I), (II) or 
(III). The purposes, objects and powers of the City 
contemplated by the Enabling Law includes the relief 
of conditions of unemployment in Baltimore City, en- 
couraging the increase of industry and a balanced econ- 
omy in Baltimore City, promoting economic develop- 
ment in Baltimore City, and promoting the health, wel- 
fare, safety of the residents of Baltimore City. 



1382 ORDINANCES Ord. No. 469 

The City has received a letter of intent dated Octo- 
ber 12, 1981, (the ''Letter of Intent") from Amity 
Ramble Limited Partnership (the "Borrower"), pursuant 
to which the Borrower has requested the City to par- 
ticipate in the financing of the costs of the acquisition 
and/or development by the Borrower of a certain project 
in Baltimore City, Maryland (the "Project"), by issuing 
and selling- the City's industrial development revenue 
bonds in the aggregate principal amount not to exceed 
$2,100,000, (the "Bonds"), and by making the proceeds 
of the Bonds available to the Borrower to be used by 
the Borrower for the sole and exclusive purpose of fi- 
nancing the costs of the acquisition and/or development 
of the Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the pui-poses, objects and powers of the 
City as mentioned in the Enabling Law, will consist 
generally of (a) the acquisition by the Borrower of 
certain real property located at various sites in the 
Mount Clare Urban Renewal Area for use as rental 
dwellings, (b) the renovation, rehabilitation, construc- 
tion, and/or reconstruction of any existing improvements 
which will be owned and operated by the Borrower, and 
(c) the long term financing of the land and improve- 
ments. The Borrower anticipates that the units will be 
leased to various tenants whose identities are unknown 
at this time. 

The Enabling Law provides that the City may au- 
thorize and empower the Board of Finance of the City 
(the "Board") by resolution to determine and set forth 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as w^ell as competitive 
bid sale), and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessary, 
proper or expedient in connection \\dth the issuance and 
sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 



ORDINANCES 1383 

of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or othen\ase acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And he it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 



1384 ORDINANCES Ord. No. 469 

any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggreg-ate principal amount not to exceed $2,100,000, 
subject to the provisions of this Ordinance. The pi-oceeds 
of the Bonds will be made available to the Borrower un- 
der teiTns and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And he it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agi'ee- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds ^\i\\ be made available to the 



ORDINANCES 1385 

Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or othei^vise acquired 
with the proceeds of the Bonds, or (IV) any combdnation 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. A7id be it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work \\ith the design 
advisoiy group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained. That any and all of 
the Bonds shall be executed in the name of the City and 



1386 ORDINANCES Ord. No. 469 

on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and deliveiT of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 



ORDINANCES 1387 

suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the "Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as v^ell as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 



1388 ORDINANCES Ord. No. 469 

not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that; neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 



ORDINANCES 1389 

thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 470 
(Council No. 845) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
COLD SPRING TERRACE LIMITED PARTNERSHIP 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $6,000,000, 
pursuant to the pro\asions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision, as 
amended), for the sole and exclusive purpose of financing 
the costs, charges, fees and expenses in connection with 
the acquisition by Cold Spring Terrace Limited Part- 
nership of certain real property in Baltimore City to- 
gether with any improvements located thereon, and the 
construction, reconstruction, renovation, and/or reha- 
bilitation of improvements which will be owned by Cold 
Spring Terrace Limited Partnership and used as rental 
dwelling units, and to provide long term financing of 
the land and improvements; authorizing the Mayor of 
the City, on behalf of the City, to accept the letter of 
intent dated October 12, 1981, from Cold Spring Terrace 
Limited Partnership to the City, making certain legis- 
lative findings; authorizing and empowering the Board 



1390 ORDINANCES Ord. No. 470 

of Finance of the City, by a resolution or resolutions 
adopted prior to the issuance, sale and delivery of any 
series of such bonds, to (a) prescribe, among other 
things but not limited to, the form, terms, provisions, 
manner or method of issuing and selling (including 
negotiated as well as competitive bid sale), and the time 
or times of issuance, and any and all other details of 
such bonds, and (b) do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of such bonds; providing that Cold Spring Terrace 
Limited Partnership shall agree to submit any plans and 
specifications to, and to coordinate with, the Department 
of Housing and Community Development in connection 
with the completion of such project; providing that such 
bonds (or anticipation notes issued in anticipation of the 
issuance of such bonds) must be issued and sold "within 
six months from the date this Ordinance is approved by 
the Maj^or, unless the Board of Finance approves one 
six month extension as provided in this Ordinance; au- 
thorizing the issuance of notes in anticipation of the 
issuance of such revenue bonds ; and generally providing 
for and determining various matters and details in con- 
nection with the issuance and sale of such bonds and 
bond anticipation notes, 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the "Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the "City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both prin- 
cipal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connection 
with the property, facilities, developments and improve- 
ments whose financing is undertaken by the issuance of 
such bonds, notes or other obligations, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise ac- 



ORDINANCES 1391 

quired with the proceeds of such bonds, notes or other 
obligations, (III) the contracts, mortgages or other se- 
curities purchased or otherwise acquired with the pro- 
ceeds of such bonds, notes or other obligations, or (IV) 
any combination of (I), (II) or (III). The purposes, 
objects and powers of the City contemplated by the 
Enabling Law includes the relief of conditions of unem- 
ployment in Baltimore City, encouraging the increase of 
industry and a balanced economy in Baltimore City, 
promoting economic development in Baltimore City, and 
promoting the health, welfare, safety of the residents of 
Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the "Letter of Intent*') from Cold Spring 
Terrace Limited Partnership (the ^'Borrower"), pur- 
suant to which the Borrower has requested the City to 
participate in the financing of the costs of the acquisi- 
tion and/or development by the Borrower of a certain 
project in Baltimore City, Maryland (the "Project"), by 
issuing and selling the City's industrial development 
revenue bonds in the aggregate principal amount not to 
exceed $6,000,000, (the "Bonds"), and by making the 
proceeds of the Bonds available to the Borrower to be 
used by the Borrower for the sole and exclusive purpose 
of financing the costs of the acquisition and/or develop- 
ment of the Project by the Borrower. 

The Project, which is an "undertaking" which vnll ac- 
complish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist generally 
of (a) the acquisition by the Borrower of certain real 
property located in the Park Heights Urban Renewal 
Area at Coldspring Lane and Edgecomb Circle North, 
(b) the renovation, rehabilitation, construction, and/or 
reconstruction of any existing improvements consisting 
of rental dwellings which will be owned and operated 
by the Borrower, (c) the long term financing of the land 
and improvements. The Borrower anticipates that the 
units will be leased to various tenants whose identities 
are unknown at this time. 

The Borrower, through the City, has applied for an 
Urban Development Action Grant, the proceeds of which 



1392 ORDINANCES Ord. No. 470 

will be used to pay a portion of the costs of the acquisi- 
tion and development of the Project. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
"Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of the Bonds and the issuance and sale 
thereof, and to do any and all things necessary, proper 
or expedient in connection with the issuance and sale 
of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and /or development of the Project will facilitate and ex- 
pedite the acquisition and /or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
emplojmient in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industiy and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 



ORDINANCES 1393 

tutional, statutory or charter provision limiting or restrict- 
ing- the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obH- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection v^ith any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $6,000,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der terms and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to: 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 



1394 ORDINANCES Ord. No. 470 

and selling (including negotiated as well as comx>etitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotia^ble, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 



ORDINANCES 1395 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 



1396 ORDINANCES Ord. No. 470 

all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And he it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the "Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the ''Bonds" shall include such bond anticipation notes 
v^^here appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as v^ell as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 



ORDINANCES 1397 

der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 



1398 ORDINANCES Ord. No. 471 

Bonds must be issued and sold within six months from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months 
from the date on which the first six month period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the six month period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 471 
(Council No. 846) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
FRANKLIN SQUARE ASSOCIATES 

FOR the pui-pose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, 
as limited obligations of the City and not upon its 
full faith and credit, its industrial development revenue 
bonds, in the aggregate principal amount not to exceed 
§3,500,000 pursuant to the provisions of Sub-section 



ORDINANCES 1399 

(50) of Article II of the Charter of Baltimore City 
(1964 Revision, as amended), for the sole and exclu- 
sive purpose of financing the costs, charges, fees and 
expenses in connection with the acquisition by Franklin 
Square Associates of certain real property in Baltimore 
City together with any improvements located thereon, 
and the construction, reconstruction, renovation, and/or 
rehabilitation of improvements which will be owned by 
Franklin Square Associates and used as rental dwelling 
units, and to provide long term financing of the land 
and improvements; authorizing the Mayor of the City, 
on behalf of the City, to accept the letter of intent dated 
October 12, 1981, from Franklin Square Associates to 
the City, making certain legislative findings ; authorizing 
and empowering the Board of Finance of the City, by 
a resolution or resolutions adopted prior to the issuance, 
sale and delivery of any series of such bonds, to (a) 
prescribe, among other things but not limited to, the 
form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as com]>etitive 
bid sale), and the time or times of issuance, and any 
and all other details of such bonds, and (b) do any 
and all things necessary, proper or exi^edient in connec- 
tion with the issuance and sale of such bonds; pro- 
viding that Franklin Square Associates shall agree to 
submit any plans and specifications to, and to coordi- 
nate with, the Department of Housing and Community 
Development in connection with the completion of such 
project; providing that such bonds (or anticipation 
notes issued in anticipation of the issuance of such 
bonds) must be issued and sold within one year 
from the date this Ordinance is approved by the Mayor, 
unless the Board of Finance approves one one year 
extension as provided in this Ordinance ; authorizing the 
issuance of notes in anticipation of the issuance of such 
revenue bonds; and generally providing for and deter- 
mining various matters and details in connection ^\^th 
the issuance and sale of such bonds and bond anticipa- 
tion notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the "Enabling 



1400 ORDINANCES Ord. No. 471 

Law"), empowers the Mayor and City Council of Balti- 
more (the "City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all 
of which shall be fully negotiable, payable, as to both 
principal and interest, solely from and secured solely 
by a pledge of (I) the revenues from or arising in con- 
nection with the property, facilities, developments and 
improvements whose financing is undertaken by the 
issuance of such bonds, notes or other obligations, (II) 
the revenues from or arising in connection \Wth any 
contracts, mortgages or other securities purchased or 
otherwise acquired ^^^th the proceeds of such bonds, 
notes or other obligations, (III) the contracts, mort- 
gages or other securities purchased or otherwise ac- 
quired with the proceeds of such bonds, notes or other 
obligations, or (IV) any combination of (I), (II) or 
(III). The purposes, objects and powers of the City 
contemplated by the Enabling Law includes the relief 
of conditions of unemployment in Baltimore City, en- 
couraging the increase of industry and a balanced econ- 
omy in Baltimore City, promoting economic develop- 
ment in Baltimore City, and promoting the health, wel- 
fare, safety of the residents of Baltimore City. 

The City has received a letter of intent dated Octo- 
'ber 12, 1981, (the "Letter of Intent") from Franklin 
Square Associates (the "Borrower"), pursuant to which 
the Borrower has requested the City to participate in the 
financing of the costs of the acquisition and/or develop- 
ment by the Borrower of a certain project in Baltimore 
City, Maryland (the "Project"), by issuing and selling 
the City's industrial development revenue bonds in the 
aggregate principal amount not to exceed $3,500,000 
(the "Bonds"), and by making the proceeds of the 
Bonds available to the Borrower to be used by the 
Borrower for the sole and exclusive purpose of financing 
the costs of the acquisition and/or development of the 
Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the City 



ORDINANCES 1401 

as mentioned in the Enabling Law, will consist gen- 
erally of (a) the acquisition by the Borrower of certain 
real property known as School 100 in the Franklin 
Square Urban Renewal Area, (b) the renovation, re- 
habilitation, construction, and/or reconstruction of any 
existing improvements which will be owned and operated 
by the BoiTower, and (c) the long term financing of the 
land and improvements. The Borrower anticipates that 
the units will be leased to various tenants whose identities 
are unknown at this time. 

The Enabling Law provides that the City may au- 
thorize and empower the Board of Finance of the City 
(the "Board") by resolution to determine and set forth 
the foiTn, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any 
and all other details of the Bonds and the issuance and 
sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
emplojTnent in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 



1402 ORDINANCES Ord. No. 471 

increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maiyland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, m.ortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $3,500,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds \v\\\ be made available to the Borrower un- 
der terms and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive puiT30se of financing the costs of the 
acquisition and /or development of the Project. 

Sec. 3. And he it further ordained. That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 



ORDINANCES 1403 

the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(cj approve the terms and conditions, including but not 
Hmited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And be it further ordained, That any and all of 
the Bonds shall not be general obligations of tiie City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 



1404 ORDINANCES Ord. No. 471 

secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise acquired 
vnth the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And he it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And he it further ordained. That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 



ORDINANCES 1405 

City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the "Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the "Bonds** shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 



1406 ORDINANCES Ord. No. 471 

nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes ; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained. That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 



ORDINANCES 1407 

islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And be it further^ ordained, That either the 
bonds or bond anticipation notes issued pursuant to Sec- 
tion 9 of this Ordinance in anticipation of the issuance of 
the Bonds must be issued and sold within one year from 
the date on which this Ordinance is approved by the ]Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such one year 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed one year from 
the date on which the first one year period expired. The 
Board, in its sole discretion, and without action by the 
City Council, shall determine the sufficiency, or lack there- 
of, of the reasons presented for any requested extension 
of the one year period. To the extent that neither the 
Bonds or such bond anticipation notes are issued and sold 
within twelve months from the date on which this Ordi- 
nance is approved by the Mayor of the City, the authority 
provided in this Ordinance for the City to issue and sell 
the Bonds and such bond anticipation notes shall expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



1408 ORDINANCES Ord. No. 472 

No. 472 
(Council No. 847) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 

MARKET CENTER DEVELOPMENT 

CORPORATION OF BALTIMORE 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $10,000,000, 
pursuant to the provisions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision, as 
amended), for the sole and exclusive purpose of financing 
the costs, charges, fees and expenses in connection with 
the acquisition by Market Center Development Corpora- 
tion of Baltimore its subsidiaries or assigns of certain 
real property in Baltimore City together with any im- 
provements located thereon, and the construction, re- 
construction, renovation, and/or rehabilitation of im- 
provements which will be owned by Market Center 
Development Corporation of Baltimore its subsidiaries 
or assigns for multiple commercial uses, and to provide 
long term financing of the land and improvements; au- 
thorizing the Mayor of the City, on behalf of the City, 
to accept the letter of intent dated October 12, 1981, 
from Market Center Development Corporation of Balti- 
more its subsidiaries or assigns to the City, making 
certain legislative findings ; authorizing and empowering 
the Board of Finance of the City, by a resolution or 
resolutions adopted prior to the issuance, sale and de- 
livery of any series of such bonds, to (a) prescribe, 
among other things but not limited to, the form, terms, 
provisions, manner or method of issuing and selling 
(including negotiated as well as competitive bid sale), 
and the time or times of issuance, and any and all other 
details of such bonds, and (b) do any and all things 
necessary, proper or expedient in connection with the 
issuance and sale of such bonds; providing that Market 



ORDINANCES 1409 

Center Development Corporation of Baltimore, its sub- 
sidiaries or assigns shall agree to submit any plans 
and specifications to, and to coordinate with, the De- 
partment of Housing and Community Development in 
connection with the completion of such project; provid- 
ing that such bonds (or anticipation notes issued in an- 
ticipation of the issuance of such bonds) must be issued 
and sold within one year from the date this Ordinance 
is approved by the Mayor, unless the Board of Finance 
approves one one year extension as provided in this 
Ordinance; authorizing the issuance of notes in antici- 
pation of the issuance of such revenue bonds; and gen- 
erally providing for and determining various matters 
and details in connection with the issuance and sale of 
such bonds and bond anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the "Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the *'City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both prin- 
cipal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connection 
with the property, facilities, developments and improve- 
ments whose financing is undertaken by the issuance of 
such bonds, notes or other obligations, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise ac- 
quired with the proceeds of such bonds, notes or other 
obligations, (III) the contracts, mortgages or other se- 
curities purchased or otherwise acquired with the pro- 
ceeds of such bonds, notes or other obligations, or (IV) 
any combination of (I), (II) or (III). The purposes, 
objects and powers of the City contemplated by the En- 
abling Law includes the relief of conditions of unem- 
ployment in Baltimore City, encouraging the increase of 
industry and a balanced economy in Baltimore City, 
promoting economic development in Baltimore City, and 



1410 ORDINANCES Ord. No. 472 

promoting the health, welfare, safety of the residents of 
Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the ^'Letter of Intent") from Market Center 
Development Corporation of Baltimore its subsidiaries 
or assigns (the "Borrower"), pursuant to which the 
Borrower has requested the City to participate in the 
financing of the costs of the acquisition and/or develop- 
ment by the Borrower of a certain project in Baltimore 
City, Maryland (the 'Troject"), by issuing and selling 
the City's industrial development revenue bonds in the 
aggregate principal amount not to exceed $10,000,000, 
(the ''Bonds"), and by making the proceeds of the Bonds 
available to the Borrower to be used by the Borrower 
for the sole and exclusive purpose of financing the costs 
of the acquisition and/or development of the Project 
by the Borrower. 

The Project, which is an ''undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist gener- 
ally of (a) the acquisition by the Borrower of certain 
real property being the block bounded by Druid Hill 
Avenue, Howard Street, Franklin Street, and Eutaw 
Street in the Retail District for use as a multi-use com- 
mercial complex with rental dwelling units, (b) the 
renovation, rehabilitation, construction, and/or recon- 
struction of any existing improvements which will be 
owned and operated by the Borrower, and (c) the long 
term financing of the land and improvements. The Bor- 
rower anticipates that the units will be leased to various 
tenants whose identities are unknown at this time. 

The Borrower, through the City intends to apply for 
an Urban Development Action Grant, the proceeds of 
which will be used to pay a portion of the costs of the 
acquisition and development of the Project. 

The Enabling Law provides that the City may au- 
thorize and empower the Board of Finance of the City 
(the "Board") by resolution to determine and set forth 
the form, terms, provisions, manner or method of issu- 
ing and selling (including negotiated as well as competi- 
tive bid sale), and the time or times of issuance, and 



ORDINANCES 1411 

any and all other details of the Bonds and the issuance 
and sale thereof, and to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Law, 
it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition 
and/or development of the Project will facilitate and ex- 
pedite the acquisition and/or development of the Project 
by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general 
obligations of the City and shall not be a pledge of or 
involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other consti- 
tutional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obliga- 
tions of the City. All of the Bonds shall be limited obli- 
gations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising 
in connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 



1412 ORDINANCES Ord. No. 472 

proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with 
the proceeds of the Bonds, or (IV) any combination of 
(I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $10,000,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower un- 
der teiTns and conditions approved by the Board and set 
forth in a Resolution, and used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project. 

Sec. 3. A7id be it further ordained. That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to 
further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolution adopted prior to 
the issuance, sale and delivery of any of the Bonds, to: 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 



ORDINANCES 1413 

ment, as provided in the Enabling Law, and (iii) such 
provisions in any such trust agreement or similar agree- 
ment as the Board may deem reasonable and proper for 
the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the acquisition and/or 
development of the Project; and 

(d)' do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 5. And he it further ordained, That any and all of 

the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City, and shall be fully negotiable, pay- 
able, as to both principal and interest, solely from and 
secured solely by a pledge of (I) the revenues from or 
arising in connection with the Project, (II) the revenues 
from or arising in connection with any contracts, moil- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, (III) the contracts, mort- 
gages or other securities purchased or otherwise acquired 
with the proceeds of the Bonds, or (IV) any combination 
of (I), (II) or (III), all as the Board may approve by a 
resolution or resolutions adopted prior to the issuance, sale 
and delivery of any of the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that: 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 



1414 ORDINANCES Ord. No. 472 

Housing and Community Development may refuse approval 
of any plans and specifications for aesthetic or functional 
reasons; and 

(b) it and its developers will work \\dth the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and 
on its behalf by the Mayor of the City, by his manual or 
facsimile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and deliveiy of the Bonds shall be exe- 
cuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian or Alternate Custodian of the 
City Seal by his/her manual signature. In case any officer 
whose signature or a facsimile of whose signature shall 
appear on the Bonds or any of the aforesaid documents 
shall cease to be such officer before the delivery of the 
Bonds or any of the other aforesaid documents, such sig- 
natures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, 
the Director of Finance of the City, the Custodian and 
the Alternate Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do 
all such acts and things and execute such documents and 
certificates as the Board may determine by resolution to 
be necessary to carry out and comply with the provisions 
hereof. 



ORDINANCES 1415 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of 
the City or by such other appropriate official of the City 
as may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to 
include the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code 
of Maryland (1976 Replacement Volume and 1980 Cumu- 
lative Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the "Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as v^ell as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of such bond anticipation notes and the 
issuance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security 
of the holders of such bond anticipation notes; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), un- 
der which the proceeds of such bond anticipation notes 
will be made available to the Borrower to finance the 
costs of the acquisition and/or development of the Project; 
and 

(d) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 



1416 ORDINANCES Ord. No. 472 

of such bond anticipation notes. In accordance with the 
Bond Anticipation Note Enabling Legislation, the City 
hereby covenants to pay any bond anticipation notes issued 
pursuant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation 
of the sale of which such notes are issued, and the City 
hereby further covenants to issue such Bonds, as the case 
may be, when, as soon as, the reason for deferring the 
issuance of the Bonds no longer exists. The timely issu- 
ance of such Bonds, however, is dependent upon matters 
not within the control of the City, including (without limi- 
tation) the existence of a purchaser or purchasers for 
such Bonds at the time the reason for deferring the issu- 
ance of the Bonds no longer exists and the effectiveness 
of various actions taken by the Borrower, its officers, agents 
and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of 
the remaining provisions, sentences, clauses, sections, or 
parts of this Ordinance or their application to other per- 
sons or circumstances. It is hereby declared to be the leg- 
islative intent that this Ordinance would have been passed 
if such illegal, invalid or unconstitutional provision, sen- 
tence, clause, section or part had not been included herein, 
as if the person or circumstances to which this Ordinance 
or any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 11. And he it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 
of this Ordinance in anticipation of the issuance of the 
Bonds must be issued and sold within one year from the 
date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such one year 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 



ORDINANCES 1417 

sold for one additional term not to exceed one year 
from the date on which the first one year period expired. 
The Board, in its sole discretion, and without action by 
the City Council, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested ex- 
tension of the one year period. To the extent that neither 
the Bonds or such bond anticipation notes are issued and 
sold within twelve months from the date on which this 
Ordinance is approved by the Mayor of the City, the au- 
thority provided in this Ordinance for the City to issue 
and sell the Bonds and such bond anticipation notes shall 
expire. 

Sec. 12. And he it further ordained, That this Ordinance 
shall take eifect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



No. 473 
(Council No. 848) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS— 

(ROCKLAND INDUSTRIES INTERNATIONAL 

PAPER PROJECT) 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore (the ''City") to issue and 
sell, at any time or from time to time and in one or more 
series, as limited obligations of the City and not upon its 
full faith and credit, its industrial development revenue 
bonds, to be designated ''Baltimore City, Maryland In- 
dustrial Development Revenue Bonds (Rockland Indus- 
tries International Paper Project)", in the aggregate 
principal amount not to exceed $3,400,000, pursuant to 
the provisions of Sub-section (50) of Article II of the 
Charter of Baltimore City (1964 Revision), as amended, 
for the sole and exclusive purposes of financing the costs. 



1418 ORDINANCES Ord. No. 473 

charges, fees and expenses in connection with the acqui- 
sition, improvement, and renovation of the property sit- 
uate at 1601 Edison Highway, and certain improvements 
and equipment in connection therewith, to be operated 
as a textile manufacturing, distribution, and office facil- 
ity by Rockland Industries, Inc., a Maryland corporation, 
including payment of the necessary expenses of prepar- 
ing, printing and selling such bonds and payment of in- 
terest on such bonds during the period of leasing and 
acquisition of such property (such period not to exceed 
three years following the date of such bonds) ; authoriz- 
ing the Mayor of the City to accept, on behalf of the 
City, a letter of intent from Rockland Industries, Inc., 
addressed to the City dated October 9, 1981 ; making cer- 
tain legislative findings; authorizing and empowering 
the Board of Finance of the City, prior to the issuance, 
sale and delivery of such bonds, to adopt a resolution 
pursuant to which the Board of Finance of the City shall 
(a) prescribe, among other things but not limited to, the 
form, terms, conditions, provisions, manner or method 
of issuing, selling and delivering, and the time or times 
of issuance, and any and all other details of such bonds, 
and (b) do any and all things necessary, proper or ex- 
pedient in connection with the issuance, sale and delivery 
of such bonds; authorizing the private (negotiated) sale 
of such bonds; providing that Rockland Industries, Inc. 
shall agree to submit any plans and specifications to, and 
to coordinate with, the Department of Housing and Com- 
munity Development in connection with the acquisition 
and installment of such project; providing for the ex- 
piration of the authorization of the transaction approved 
by this Ordinance, if such bonds are not issued and sold 
v:ithin six months from, the date this Ordinance is ap- 
proved by the Mayor, unless the authorization is ex- 
tended by the Board of Finance as provided in this 
Ordinance ; and generally providing for and determining 
various matters and details in connection with the au- 
thorization, issuance, security, sale, delivery and pay- 
ment of such bonds. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision), as amended (the ''Enabling 
Law"), empowers Mayor and City Council of Baltimore 



ORDINANCES 1419 

(the ''City") to issue, sell and delivery revenue bonds 
and to use the proceeds of the sale of such revenue bonds 
to finance undertakings for the accomplishment of any 
of the purposes, objects and powers of the City. Some of 
the general objectives of the City, contemplated by the 
Enabling Law, include the relief of conditions of unem- 
ployment in Baltimore City, encouraging the increase of 
industry and a balanced economy in Baltimore City, pro- 
moting economic development in Baltimore City, and 
promoting the health, welfare and safety of the residents 
of Baltimore City. 

The City has received a letter of intent dated October 
9, 1981 (the ''Letter of Intent") from Rockland Indus- 
tries, Inc., a Maryland corporation (the "Borrower"), 
pursuant to which the Borrower has requested the City 
to participate in the financing of the costs, charges, fees 
and expenses in connection with the acquisition, improve- 
ment, and renovation (from time to time hereinafter 
referred to collectively as the "acquisition") by the Bor- 
rower of a certain project to be located in Baltimore 
City, Maryland (the "Project"), by issuing and selling 
industrial development revenue bonds of the City in the 
aggregate principal amount not to exceed §3,400,000 (the 
"Bonds") and by loaning the proceeds of the Bonds to 
the Borrower, upon the terms and conditions of a loan 
agreement to be entered into between the City and the 
Borrower (the "Loan Agreement"), as permitted by the 
Enabling Law (such loan being herein referred to as the 
"Loan"). 

The Project and the acquisition thereof, will consist 
generally of (a) the acquisition of the lots of land, im- 
provements, and equipment located at 1601 Edison High- 
way in Baltimore City, (b) the acquisition and installa- 
tion in the building located there, which has 335,000 
square feet, more or less, of usable space, of any or all 
other improvements therein as may be necessary or use- 
ful in connection with the operation thereof. The Project 
will be operated by the Borrower for use by the Bor- 
rower as a textile manufacturing, distribution, and office 
facility. 

The Loan Agreement will require Borrower (a) to use 
the proceeds of the Bonds solely to finance the comple- 



1420 ORDINANCES Ord. No. 473 

tion of the acquisition, improvement and/'or renovation 
of the Project, payment of expenses of issuance of the 
Bonds, and pa\Tnent of interest on the Bonds during a 
period not to exceed three years following the date of 
the Bonds, and (b) to make Loan pajTnents which will 
be sufficient to enable the City to pay the principal of 
and interest and premium, if any, on the Bonds when 
and as the same shall become due and payable. 

As security for the Bonds, the City will enter into 
either (a) a trust agreement (the "Trust Agreement") 
with a corporate trustee (the "Trustee") to be appointed 
by the Board of Finance of the City (the "Board") or 

(b) an Assignment and Security Agreement (the "As- 
signment") with (i) the original purchaser of the Bonds 

(the "Original Purchaser"), if on the date of delivery of 
the Bonds the acquisition of the Project has been com- 
pleted, or (ii) the Original Purchaser and a trustee 

(which may be the Original Purchaser) (collectively, 
the "Project Fund Trustee"), if on the date of delivery 
of the Bonds the acquisition of the Project has not been 
completed. Pursuant to the Trust Agreement or the As- 
sigimient, the Citi' will assign to the Trustee or, if the 
Assignment is entered into, the Original Purchaser, its 
successors and assigns, (among other things) (a) all of 
the City's right, title and interest in and to and remedies 
under the Loan Agreement, including (without limita- 
tion) any and all security referred to therein, excepting 
only the right of the City to indemnification by the Bor- 
rower and to pa\Tnents to the City for expenses incurred 
by the City itself, (b) the receipts and revenues of the 
City from the Loan, (c) certain moneys which are at 
any time or from time to time on deposit with the Trus- 
tee or the Project Fund Trustee, (d) all right, title and 
interest in and to and remedies with respect to any and 
all other property' of every description and nature from 
time to time by delivery or by writing of any kind con- 
veyed, pledged, assigned or transferred, as and for addi- 
tional security for the Bonds, by the City or by anyone 
on its behalf or with its written consent, to the Trustee, 
or, if the Assignment is entered into, the Original Pur- 
chaser, its successors or assigns, and (e) all of the Cit>''s 
right, title and interest in and to and remedies under 
such other documents, including (without limitation) 



ORDINANCES 1421 

mortgages, deeds of trust, guaranties and security in- 
struments, as the Board shall deem necessary to effectu- 
ate the issuance, sale and delivery of the Bonds and 
which the Board shall approve by a resolution or resolu- 
tions (the ''Resolution") to be adopted by the Board 
prior to the issuance, sale and delivery of any of the 
Bonds. 

The Bonds will be sold at a private (negotiated) sale. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by Mayor and City Council of 
Baltimore, That acting pursuant to the Enabling Law, it is 
hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to lend the proceeds 
thereof to the Borrower for the sole and exclusive purposes 
of financing the costs of the Project, the expenses of issu- 
ance of the Bonds, and interest with respect to the Bonds 
during a period not to exceed three years following the 
date of the Bonds, will facilitate and expedite the comple- 
tion of the acquisition of the Project by the Borrower. 

(2) The completion of the acquisition of the Project 
by the Borrower and the financing thereof as provided in 
this Ordinance will serve to promote the general purposes 
contemplated by the Enabling Law by (a) sustaining jobs 
and employment in Baltimore City; (b) promoting eco- 
nomic development in Baltimore City; and (c) encourag- 
ing the increase of industry and a balanced economy in 
Baltimore City. 

(3) The Bonds and the interest thereon shall not be 
general obligations of the City, and shall not be a pledge 
of or involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the city, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other constitu- 
tional, statutory or charter provision limiting or restrict- 
ing the sale or issuance of bonds, notes or other obligations 
of the City. The Bonds and the interest thereon shall not 
constitute or give rise to any pecuniary liabiliy of the City. 
The Bonds and the interest thereon shall be limited obliga- 



1422 ORDINANCES Ord. No. 473 

tions of the City, repayable by the City solely from the rev- 
enue derived from Loan repayments (both principal and 
interest) made to the City by the Borrower on account of 
the Loan and from any other moneys made available to the 
City for such purpose. If a Trust Agreement is entered 
into, the proceeds of the Bonds will be paid directly to the 
Trustee to be held and disbursed by the Trustee as pro- 
vided in the Trust Agreement to be approved by the Board 
in the Resolution. If an Assignment is entered into, and 
the Project has not been completed on or before the date 
of delivery of the Bonds, the Board will provide in the 
Resolution that the proceeds will be paid directly to the 
Project Fund Trustee and deposited by the Project Fund 
Trustee into the Project Fund created under the Assign- 
ment. If an Assignment is entered into, and the Board 
finds and determines that the Project has been or will be 
completed on or before the date of delivery of the Bonds, 
the Board may provide in the Resolution that no Project 
Fund will be created under the Assignment and that the 
proceeds of the Bonds will be paid directly to the Bor- 
rower, or for the account of the Borrower, to be used by 
the Borrower to pay the costs of, or to reimburse the Bor- 
rower for the pa\Tnent of the costs of, the completion of 
the Project. Payments of the principal of and premium 
(if any) and interest on the Loan will be paid by the Bor- 
rower directly to the Trustee as provided in the Trust 
Agreement or to the Original Purchaser, its successors 
and assigns, as provided in the Assignment, to be ap- 
proved by the Board in the Resolution. No such moneys 
will be commingled with the City's funds or will be sub- 
ject to the absolute control of the City, but will be subject 
only to such limited supervision and checks as are deemed 
necessary or desirable by the City to insure that the pro- 
ceeds of the Bonds are used to accomplish the public pur- 
poses of the Enabling Law and this Ordinance. The loan 
form of transaction authorized hereunder shall in no event 
constitute a capital project within the meaning of any 
charter or statutory provision. The pubic purposes ex- 
pressed in the Enabling Law are to be achieved by facili- 
tating the completion of the Project by the Borrower. 

(4) The City will acquire no interest in the Project 
other than (a) any general interest in the Borrower's 
property shared by all holders of the Borrower's obliga- 



ORDINANCES 1423 

tions which rank and are secured equally with the Bor- 
rower's obligations pursuant to the Loan Agreement, (b) 
any lien and security interest created by the Loan Agree- 
ment, and (c) any interest created by any other mortgage 
or deed of trust or other security instrument executed and 
delivered by the Borrower or any third party as security 
for the Loan or the Bonds as the Board may provide for 
and approve in the Resolution. The security for the Bonds 
shall be solely and exclusively (a) the absolute, irrevocable 
and unconditional obligations of the Borrower to make the 
payments required by the Loan Agreement, (b) moneys 
realized from the liquidation of any lien and security in- 
terest created by the Loan Agreement and of any lien or 
security interest created with respect to any property as 
security for the loan or the Bonds as the Board may pro- 
vide for and approve in the Resolution, and (c) moneys 
realized from any guaranty of the Bonds or of the Loan 
as the Board may provide for and approve in the Resolu- 
tion. 

(5) The best interests of the City will be served by 
selling the Bonds at private (negotiated) sale, as author- 
ized by the Enabling Law, upon terms and conditions ap- 
proved by the Board in the Resolution. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at any 
time or from time to time and in one or more series, and 
as limited obligations of the City and not upon its full 
faith and credit, its Bonds, the Baltimore City, Maryland 
Industrial Development Revenue Bonds (Rockland Indus- 
tries International Paper Project), in the aggregate prin- 
cipal amount not to exceed $3,400,00, subject to the provi- 
sions of this Ordinance and such terms, conditions and 
provisions prescribed by the Board of Finance of the City. 
The proceeds of the Bonds will be loaned to the Borrow^er 
pursuant to the terms and provisions of the Loan Agree- 
ment, to be used by the Borrower for the sole and exclusive 
purpose of financing the costs, charges, fees, and expenses 
in connection with the completion of the Project. The 
Bonds and the interest thereon shall be limited obligations 
of the City, repayable by the City solely from the revenue 
derived from Loan repayments (both principal and inter- 
est) made to the City by the Borrower pursuant to the 



1424 ORDINANCES Ord. No. 473 

Loan Agreement and from any other moneys made avail- 
able to the City for such purpose. The security for the 
Bonds shall be solely and exclusively as provided in Sec- 
tion 1 of this Ordinance. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the 
Bonds, and the Mayor of the City is hereby authorized to 
accept the Letter of Intent on behalf of the City in order 
to further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That each of the 
Bonds shall bear the descriptive title ''Baltimore City, 
Maryland Industrial Development Revenue Bond (Rock- 
land Industries International Paper Project)", provided, 
that the descriptive title may contain such other decrip- 
tive information as the Board may prescribe in the Reso- 
lution (e.g. "1981 Series"). The Bonds shall bear interest 
at the rate or rates of interest to be determined by nego- 
tiation v^ith the original purchaser or purchasers of the 
Bonds and to be approved and prescribed by the Board 
in the Resolution. 

Sec. 5. And be it further ordained, That the definitive 
Bonds, which may be engraved, printed or typewritten, 
including any Trustee's Certificate of Authentication to 
be endorsed thereon if the Trust Agreement is entered 
into, shall be in such form, not inconsistent with the En- 
abling Law and the provisions of this Ordinance, as the 
Board may approve in the Resolution. 

Sec. 6. And be it further ordained. That the Bonds shall 
be executed in the name of the City and on its behalf by 
the Mayor of the City, by his manual or facsimile signa- 
ture, and by the Director of Finance of the City, by his 
manual or facsimile signature, and the corporate seal of 
the City or a facsimile thereof shall be impressed or other- 
wise reproduced thereon and attested by the Custodian of 
the City Seal, by his manual signature. The Loan Agree- 
ment, the Trust Agreement or the Assignment and, where 
applicable, all other documents as the Board shall deem 



ORDINANCES 1425 

necessary to effectuate the issuance, sale and delivery of 
the Bonds, shall be executed in the name of the City and 
on its behalf by the Mayor of the City by his manual or 
facsimile signature, and the corporate seal of the City or 
a facsimile thereof shall be impressed or otherwise repro- 
duced thereon and attested by the Custodian of the City 
Seal by his manual signature. In case any officers whose 
signature or a facsimile of whose signature shall appear 
on the Bonds or any of the aforesaid documents shall cease 
to be such officer before the delivery of the Bonds or 
any of the other aforesaid documents, such signature 
or such facsimile shall nevertheless be valid and sufficient 
for all purposes, the same as if such officer had remained 
in office until delivery. The Mayor of the City, the Direc- 
tor of Finance of the City, the Custodian of the City Seal 
and other officials of the City are hereby authorized and 
empowered to do all such acts and things and execute 
such documents and certificates as the Board may deter- 
mine in the Resolution to be necessary to carry out and 
comply with the provisions thereof. 

Sec. 7. And be it further ordained, That the Bonds shall 
be executed, issued and delivered at any time or from time 
to time and in one or more series and in such amount or 
amounts not exceeding, in the aggregate, the principal 
amount of $700,000 as the Board shall prescribe in the 
Resolution. 

Sec. 8. And be it further ordained, That the Bonds shall 
be dated, shall be in such denominations, shall be of 
such form and tenor, and shall be payable in such amounts, 
at such times and at such place or places as the Board 
shall prescribe in the Resolution. 

Sec. 9. And be it further ordained, That the Bonds may 
be subject to redemption prior to their stated maturities 
upon such terms and conditions as the Board shall pre- 
scribe in the Resolution. 

Sec. 10. And be it further ordained, That prior to the 
issuance, sale and delivery of the Bonds, the Board shall 
adopt the Resolution pursuant to which the Board shall : 

(a) prescribe the form, tenor, terms and conditions 
of and security for the Bonds and their issuance ; 



1426 ORDINANCES Ord. No. 473 

(b) prescribe the actual amounts, rate or rates of 
interest (or the method of determining the same), denomi- 
ations, date, actual maturity or maturities, and the place 
or places of payment of the Bonds, and the terms and 
conditions and details under which the Bonds may be 
called for redemption prior to their stated maturities ; 

(c) if a Trust Agreement is entered into, appoint a 
bank having trust powers, or a trust company, as Trustee 
for the Bonds and, if necessary, appoint a paying agent 
or agents for the Bonds, which may be the Trustee; 

(d) approve the form and contents, and authorize the 
execution and delivery (where applicable) of (i) the Loan 
Agreement, (ii) the Trust Agreement or the Assignment, 
and (iii) such other documents, including (without limi- 
tation) mortgages, deeds of trust, guaranties and security 
instruments as the Board shall deem necessary to approve 
in order to effectuate the issuance, sale and delivery of the 
Bonds ; 

(e) determine the time of execution, issuance, sale and 
delivery of the Bonds and prescribe any and all other 
details and conditions of the Bonds ; 

(f) provide for the direct payment by the Borrower of 
all costs, fees and expenses incurred by or on behalf of 
the City in connection with the issuance, sale and delivery 
of the Bonds, including (without limitation) costs of print- 
ing (if any) and issuing the Bonds, legal expenses and 
compensation to any person (other than full time employ- 
ees of the City) performing services by or on behalf of 

the City in connection therewith ; 

(g) if the Trust Agreement is entered into, provide 
for the issuance and sale (subject to the passage of an 
appropriate ordinance authorizing the same as may be 
required by the time) of one or more series of additional 
bonds and one or more series of refunding bonds ; and 

(h) do any and all things, and authorize the officials 
of the City to do any and all things, necessary, proper or 
expedient in connection with the issuance, sale and deliv- 
ery of the Bonds. 

Sec. 11. And he it further ordained, That the loan 
Agreement and the Trust Agreement or the Assignment 



ORDINANCES 1427 

shall contain such terms, provisions and conditions, not 
inconsistent with the Enabling Law and the provisions of 
this Ordinance, as the Board shall approve in the Resolu- 
tion. 

Sec. 12. And be it further ordained, That, as authorized 
by the Enabling Law, the Bonds shall be sold at private 
(negotiated) sale upon such terms and conditions as shall 
be approved by the Board in the Resolution. 

Sec. 13. And he it further ordained, That the Bonds and 
the interest thereon shall not be general obligations of the 
City and shall not be a pledge of or involve the faith and 
credit or the taxing power of the City, and shall not con- 
stitute a debt of the City, all within the meaning of Sec- 
tion 7 of Article XI of the Constitution of Maryland or 
any other constitutional statutory or charter provision 
limiting or restricting the sale or issuance of bonds, notes 
or other obligations of the City. The Bonds and the inter- 
est thereon shall not constitute or give rise to any pecu- 
niary liability of the City. The Bonds, and the interest 
thereon, shall be limited obligations of the City, the prin- 
cipal of and interest on which Bonds shall be payable by 
the City solely from the revenue derived from Loan repay- 
ments (both principal and interest) made to the City by 
the Borrower on account of the Loan and, to the extent 
provided by the Board in the Resolution, from the pro- 
ceeds of the Bonds, and from any other moneys made 
available to the City for such purpose. If the Trust Agree- 
ment is entered into, the proceeds of the Bonds will be 
paid directly to the Trustee to be held and disbursed by 
the Trustee as provided in the Trust Agreement to be ap- 
proved by the Board in the Resolution. If an Assignment 
is entered into and the Project has not been completed, 
the Board will provide in the Resolution that the proceeds 
will be paid directly to the Project Fund Trustee and de- 
posited by the Project Fund Trustee into the Project Fund 
thereby created under this Assignment, or if the Assign- 
ment is entered into and the Board finds and determines 
that the Project has been or will be completed on or before 
the date of delivery of the revenue bonds, the Board may 
provide in the Resolution that the proceeds of the revenue 
bonds will be paid directly to the Borrower, or for the 



1428 ORDINANCES Ord. No. 473 

account of the Borrower, to be used by the Borrower to 
pay costs of, or to reimburse the Borrower for payment 
of the costs of, the completion of the Project, as provided 
in the Assignment to be approved by the Board in the 
Resolution. No such moneys will be commingled with the 
City's fund or will be subject to the absolute control of 
the City, but will be subject only to such limited super- 
vision and checks as are deemed necessary or desirable by 
the City to insure that the proceeds of the Bonds are used 
to accomplish the public purposes of the Enabling Law 
and this Ordinance. 

Sec. 14. And he it further ordained, That in considera- 
tion of the purchase and acceptance of the Bonds by those 
w^ho shall hold the Bonds from time to time, the City does 
hereby, and by the execution and delivery of the Trust 
Agreement or the Assignment to be approved by the Board 
shall, set aside or pledge the income and revenue under the 
Loan Agreement (other than payments to the City for 
indemnification or to reimburse the City for expenses in- 
curred by the City itself) to the Trustee or, if the Assign- 
ment is entered into, the Original Purchaser, its successors 
and assigns, to be used and applied for the payment of 
the principal of and interest on the Bonds. Pursuant to 
the terms of the Loan Agreement to be approved by the 
Board in the Resolution, pajTiients sufficient for the prompt 
pa\Tnent when due of the principal of, premium, if any, 
and interest on the Bonds are to be paid by the Borrower 
to the Trustee for the benefit of the holders of the Bonds, 
or, if the Assignment is entered into, to the Original Pur- 
chaser, its successors and assigns, for the account of the 
City. 

Sec. 15. And he it further ordained, That the Borrower 
shall agree that : 

(a) It will submit any plans and specifications for the 
Project to the Department of Housing and Community 
Development for approval, and that the Department of 
Housing and Communiity Development may refuse ap- 
proval of any plans and specifications for aesthetic or 
functional reasons ; and 

(b) It and its developers will work with the design 
advisory group appointed by the Department of Housing 



ORDINANCES 1429 

and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 16. And be it further- ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of the 
remaining provisions, sentences, clauses, sections, or parts 
of this Ordinance or their application to other persons or 
circumstances. It is hereby declared to be the legislative 
intent that this Ordinance would have been passed if such 
illegal, invalid or unconstitutional provision, sentence, 
clause, section or part had not been included herein, and 
if the person or circumstances to which this Ordinance or 
any part hereof are inapplicable had been specifically 
exempted herefrom. 

Sec. 17. And be it further ordained, That, if the Bonds 
are not issued and sold within six months from the date 
on which this Ordinance is approved by the Mayor of the 
City, the authorization provided in this Ordinance for the 
City to issue and sell the Bonds shall expire; provided, 
however, that the Board may, after showing a good cause 
at a public hearing held before the Board, extend such 
authorization for one additional term not to exceed six 
months. The Board, in its sole discretion, shall determine 
the sufficiency, or lack thereof, of the reasons presented 
for any requested extension of this Ordinance. If an ex- 
tension is granted, notice of such extension and the rea- 
sons therefor must be sent to the City Council. 

Sec. 18. And be it further ordained. That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



1430 ORDINANXES Ord. No. 474 

No. 474 

(Council No. 850) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS— 
(BALTIMORE CAR & TRUCK RENTAL PROJECT) 

FOR the purpose of authorizing and empowering Mayor and 
City Council of Baltimore (the ''City") to issue and sell, at 
any time or from time to time and in one or more series, 
as limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, to be 
designated "Baltimore City, ^Maryland Industrial Develop- 
ment Revenue Bonds (Baltimore Car & Ti'uck Rental Proj- 
ect)", in the aggregate principal amount not to exceed 
$650,000, pursuant to the provisions of Sub-section (50) of 
Article II of the Charter of Baltimore City (1964 Revision) , 
as amended, for the sole and exclusive purposes of financing 
the costs, charges, fees and expenses in connection with the 
acquisition, improvement, and renovation of the property 
situate at 1425-55 Ridgely Street, and certain improve- 
ments and equipment in connection therewith, or similar 
substitute property, to be operated as a vehicle mainte- 
nance, storage and rental facility by Baltimore Car & Truck 
Rental Inc., a Maryland corporation, and to be ow^ned by 
Leasing Syndications, Ltd., a Maryland corporation, in- 
cluding payment of the necessary expenses of preparing, 
printing and seHing such bonds during the period of leasing 
and acquisition of such property (such period not to exceed 
three years folowing the date of such bonds) ; authorizing 
the ^layor of the City to accept, on behalf of the City, a 
letter of intent from Baltimore Car & Truck Rental Inc. 
and Leasing Syndications, Ltd. addressed to the City dated 
October 9, 1981 ; making certain legislative findings ; 
authorizing and empowering the Board of Finance of the 
City, prior to the issuance, sale and delivery of such bonds, 
to adopt a resolution pursuant to which the Board of Fi- 
nance of the City shall (a) prescribe, among other things 
but not limited to, the form, terms, conditions, provisions, 
manner or method of issuing, selling and delivering, and 
the time or times of issuance, and any and all other details 
of such bonds, and (b) do any and all things necessary, 
proper or expedient in connection with the issuance, sale 



ORDINANCES 1431 

and delivery of such bonds ; authorizing the private (nego- 
tiated) sale of such bonds ; providing that Baltimore Car 
and Truck Rental, Inc. shall agree to submit any plans and 
specifications to, and to coordinate with, the Department 
of Housing and Community Development in connection 
with the acquisition and installment of such project; pro- 
viding for the expiration of the authization of the trans- 
action approved by this Ordinance, if such bonds are not 
issued and sold within six months from the date this 
Ordinance is approved by the Mayor, unless the authori- 
zation is extended by the Board of Finance as provided in 
this Ordinance ; and generally providing for and determin* 
ing various matters and details in connection with the 
authorization, issuance, security, sale, delivery and pay- 
ment of such bonds. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision), as amended (the "Enabling 
Law"), empowers Mayor and City Council of Baltimore 
(the ''City") to issue, sell and deliver revenue bonds to 
finance undertakings for the accomplishment of any of 
the purposes, objects and powers of the City. Some of the 
general objectives of the City, contemplated by the 
Enabling Law% include the relief of conditions of unem- 
ployment in Baltimore City, encouraging the increase of 
industry and a balanced economy in Baltimore City, pro- 
moting economic development in Baltimore City, and 
promoting the health, welfare and safety of the residents 
of Baltimore City. 

The City has received a letter of intent dated October 
9, 1981 (the 'Tetter of Intent") from Baltimore Car & 
Truck Rental Inc. and Leasing Syndications, Ltd., a 
Maryland corporation (the "Borrower"), pursuant to 
which the Borrower has requested the City to participate 
in the financing of the costs, charges, fees and expenses 
in connection with the acquisition, improvement, and 
renovation (from time to time hereinafter referred to 
collectively as the "acquisition") by the Borrower of a 
certain project to be located in Baltimore City, Maryland 
(the "Project"), by issuing and selling industrial develop- 
ment revenue bonds of the City in the aggregate principal 
amount not to exceed $650,000 (the "Bonds") and by 



1432 ORDINANCES Ord. No. 474 

loaning the proceeds of the Bonds to the Borrower, upon 
the terms and conditions of a loan agreement to be 
entered into between the City and the Borrower (the 
''Loan Agreement"), as permitted by the Enabhng Law 
(such loan being herein referred to as the "Loan"). 

The Project and the acquisition thereof, will consist 
generally of (a) the acquisition of the lots of land, im- 
provements, and equipment located at 1525-55 Ridgely 
Street or at a similar substitute location elsewhere in 
Baltimore City, (b) the acquisition and installation in 
the building located there, which has 8,000 square feet, 
more or less, of usable space, of any or all other improve- 
ments therein as may be necessary or useful in connection 
with the operation thereof. The Project will be operated 
by the Borrower for use by the Borrower as a vehicle 
maintenance, storage and rental facility. 

The Loan Agreement will require Borrower (a) to use 
the proceeds of the Bonds solely to finance the completion 
of the acquisition, improvement and/or renovation of the 
Project, payment of expenses of issuance of the Bonds, 
and payment of interest on the Bonds during a period not 
to exceed three years following the date of the Bonds, 
and (b) to make Loan payments which will be sufficient 
to enable the City to pay the principal of and interest and 
premium, if any, and the Bonds when and as the same 
shall become due and payable. 

As security for the Bonds, the City will enter into 
either (a) a trust agreement (the "Trust Agreement") 
with a corporate trustee (the "Trustee") to be appointed 
by the Board of Finance of the City (the "Board") or 
(b) an Assignment and Security Agreement (the "As- 
signment") w^th (i) the original purchaser of the Bonds 
(the "Original Purchaser"), if on the date of delivery of 
the Bonds the acquisition of the Project has been com- 
pleted, or (ii) the Original Purchaser and a trustee 
(which may be the Original Purchaser) (collectively, the 
"Project Fund Trustee"), if on the date of delivery of the 
Bonds the acquisition of the Project has not been com- 
pleted. Pursuant to the Trust Agreement or the Assign- 
ment, the City will assign to the Trustee or, if the 
Assignment is entered into, the Original Purchaser, its 
successors and assigns, (among other things) (a) all of 



ORDINANCES 1433 

the City's right, title and interest in and to and remedies 
under the Loan Agreement, including (without limita- 
tion) any and all security referred to therein, excepting 
only the right of the City to indemnification by the Bor- 
rower and to payment to the City for expenses incurred 
by the City itself, (b) the receipts and revenues of the 
City from the Loan, (c) certain moneys which are at any 
time or from time to time on deposit with the Trustee or 
the Project Fund Trustee, (d) all right, title and interest 
in and to and remedies with respect to any and all other 
property of every description and nature from time to 
time by delivery or by writing of any kind conveyed, 
pledged, assigned or transferred, as and for additional 
security for the Bonds, by the City or by anyone on its 
behalf or with its written consent, to the Trustee, or, if 
the Assignment is entered into, the Original Purchaser, 
its successors or assigns and (e) all of the City's right, 
title and interest in and to and remedies under such other 
documents, including (without limitation) mortgages, 
deeds of trust, guaranties and security instruments, as 
the Board shall deem necessary to effectuate the issuance, 
sale and delivery of the Bonds and which the Board shall 
approve by a resolution or resolutions (the "Resolution") 
to be adopted by the Board prior to the issuance, sale 
and delivery of any of the Bonds. 

The Bonds will be sold at a private (negotiated) sale. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by Mayor and City Council of 
Baltimore, That acting pursuant to the Enabling Law, it is 
hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to lend the proceeds 
thereof to the Borrower for the sole and exclusive purposes 
of financing the costs of the Project, the expenses of issu- 
ance of the Bonds, and interest with respect to the Bonds 
during a period not to exceed three years following the date 
of the Bonds, will facilitate and expedite the completion of 
the acquisition of the Project by the Borrower. 

(2) The completion of the acquisition of the Project by 
the Borrower and the financing thereof as provided in this 



1434 ORDINANCES Ord. No. 474 

Ordinance will serve to promote the general purposes con- 
templated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) The Bonds and the interest thereon shall not be 
general obligations of the City, and shall not be a pledge of 
or involve the faith and credit or the taxing power of the 
City, and shall not constitute a debt of the City, all within 
the meaning of Section 7 of Article XI of the Constitution 
of Maryland or within the meaning of any other constitu- 
tional, statutory or charter provision limiting or restricting 
the sale or issuance of bonds, notes or other obligations of 
the City, The Bonds and the interest thereon shall not con- 
stitute or give rise to any pecuniary liability of the City. 
The Bonds and the interest thereon shall be limited obliga- 
tions of the City, repayable by the City solely from the 
revenue derived from Loan repayments (both principal and 
interest) made to the City by the Borrower on account of 
the Loan and from any other moneys made available to the 
City for such purpose. If a Trust Agreement is entered into, 
the proceeds for the Bonds will be paid directly to the 
Trustee to be held and disbursed by the Trustee as provided 
in the Trust Agreement to be approved by the Board in the 
Resolution. If an Assignment is entered into, and the Project 
has not been completed on or before the date of delivery of 
the Bonds, the Board will provide in the Resolution that the 
proceeds will be paid directly to the Project Fund Trustee 
and deposited by the Project Fund Ti^ustee into the Project 
Fund created under the Assignment. If an Assignment is 
entered into, and the Board finds and determines that the 
Project has been or will be completed on or before the date 
of delivery of the Bonds, the Board may provide in the 
Resolution that no Project Fund will be created under the 
Assignment and that the proceeds of the Bonds will be paid 
directly to the Borrower, or for the account of the Bor- 
rower, to be used by the Borrower to pay the costs of, or 
to reimburse the Borrower for the payment of the costs of, 
the completion of the Project. Payments of the principal of 
and premium (if any) and interest on the Loan will be paid 
by the Borrower directly to the Trustee as provided in the 
Ti'ust Agreement or to the Original Purchaser, its succes- 



ORDINANCES 1435 

sors and assigns, as provided in the Assignment, to be 
approved by the Board in the Resolution. No such moneys 
will be commingled with the City's funds or will be subject 
to the absolute control of the City, but will be subject only 
to such limited supervision and checks as are deemed neces- 
sary or desirable by the City to insure that the proceeds of 
the Bonds are used to accomplish the public purposes of the 
Enabling Law and this Ordinance. The loan form of trans- 
action authorized hereunder shall in no event constitute a 
capital project within the meaning of any charter or statu- 
tory provision. The public purposes expressed in the En- 
abling Law are to be achieved by facilitating the completion 
of the Project by the Borrower. 

(4) The City will acquire no interest in the Project 
other than (a) any general interest in the Borrower's 
property shared by all holders of the Borrower's obligations 
which rank and are secured equally with the Borrower's 
obligations pursuant to the Loan Agreement, (b) any lien 
and security interest created by the Loan Agreement, and 
(c) any interest created by any other mortgage or deed of 
trust or other security instrument executed and delivered by 
the Borrower or any third party as security for the Loan 
or the Bonds as the Board may provide for and approve in 
the Resolution. The security for the Bonds shall be solely 
and exclusively (a) the absolute, irrevocable and uncondi- 
tional obligations of the Borrower to make the payments 
required by the Loan Agreement, (b) moneys realized from 
the liquidation of any lien and security interest created by 
the Loan Agreement and of any lien or security interest 
created with respect to any property as security for the 
Loan or the Bonds as the Board may provide for and ap- 
prove in the Resolution, and (c) moneys realized from any 
guaranty of the Bonds or of the Loan as the Board may 
provide for and approve in the Resolution. 

(5) The best interests of the City will be served by sell- 
ing the Bonds at private (negotiated) sale, as authorized 
by the Enabling Law, upon terms and conditions approved 
by the Board in the Resolution. 

Sec. 2. And he it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at any 
time or from time to time and in one or more series, and as 



1436 ORDINANCES Ord. No. 474 

limited obligations of the City and not upon its full faith 
and credit, its Bonds, the Baltimore City, Maryland Indus- 
trial Development Revenue Bonds (Baltimore Car & Truck 
Rental Project), in the aggregate principal amount not to 
exceed $650,000, subject to the provisions of this Ordinance 
and such terms, conditions and provisions prescribed by the 
Board of Finance of the City. The proceeds of the Bonds 
will be loaned to the Borrower pursuant to the terms and 
provisions of the Loan Agreement, to be used by the Bor- 
rower for the sole and exclusive purpose of financing the 
costs, charges, fees, and expenses in connection with the 
completion of the Project. The Bonds and the interest 
thereon shall be limited obligations of the City, repayable 
by the City solely from the revenue derived from Loan 
repayments (both principal and interest) made to the City 
by the Borrower pursuant to the Loan Agreement and from 
any other moneys made available to the City for such pur- 
pose. The security for the Bonds shall be solely and exclu- 
sively as provided in Section 1 of this Ordinance. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept 
the Letter of Intent on behalf of the City in order to further 
evidence the present intent of the City to issue the Bonds in 
accordance with the terms and provisions of this Ordinance. 

Sec. 4. And he it further ordained, That each of the 
Bonds shall bear the descriptive title ''Baltimore City, 
Maryland Industrial Development Revenue Bond (Baltimore 
Car & Truck Rental Project)", provided, that the descrip- 
tive title may contain such other descriptive information as 
the Board may prescribe in the Resolution (e.g. "1981 
Series"). The Bonds shall bear interest at the rate or rates 
of interest to be determined by negotiation with the original 
purchaser or purchasers of the Bonds and to be approved 
and prescribed by the Board in the Resolution. 

Sec. 5. And he it further ordained. That the definitive 
Bonds, which may be engraved, printed or typewritten, 
including any Trustee's Certificate of Authentication to be 
endorsed thereon if the Trust Agreement is entered into, 
shall be in such form, not inconsistent with the Enabling 



ORDINANCES 1437 

Law and the provisions of this Ordinance, as the Board may 
approve in the Resolution. 

Sec. 6. And be it further ordained, That the Bonds shall 
be executed in the name of the City and on its behalf by 
the Mayor of the City, by his manual or facsimile signature, 
and by the Director of Finance of the City, by his manual 
or facsimile signature, and the corporate seal of the City or 
a facsimile thereof shall be impressed or otherwise repro- 
duced thereon and attested by the Custodian of the City 
Seal, by his manual signature. The Loan Agreement, the 
Trust Agreement or the Assignment and, where applicable, 
all other documents as the Board shall deem necessary to 
effectuate the issuance, sale and delivery of the Bonds, shall 
be executed in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, and 
the corporate seal of the City or a facsimile thereof shall be 
impressed or otherwise reproduced thereon and attested by 
the Custodian of the City Seal by his manual signature. In 
case any officer whose signature or a facsimile of whose 
signature shall appear on the Bonds or any of the aforesaid 
documents shall cease to be such officer before the delivery 
of the Bonds or any of the other aforesaid documents, such 
signature or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The Mayor of the City, the 
Director of Finance of the City, the Custodian of the City 
Seal and other officials of the City are hereby authorized 
and empowered to do all such acts and things and execute 
such documents and certificates as the Board may determine 
in the Resolution to be necessary to carry out and comply 
with the provisions hereof. 

Sec. 7. And be it further ordained, That the Bonds shall 
be executed, issued and delivered at any time or from time 
to time and in one or more series and in such amount or 
amounts not exceeding, in the aggregate, the principal 
amount of $700,000 as the Board shall prescribe in the 
Resolution. 

Sec. 8. And be it further ordained, That the Bonds shall 
be dated, shall be in such denominations, shall be of such 
form and tenor, and shall be payable in such amounts, at 



1438 ORDINANCES Ord. No. 474 

such times and at such place or places as the Board shall 
prescribe in the Resolution. 

Sec. 9. And be it further ordained, That the Bonds may 
be subject to redemption prior to their stated maturities 
upon such terms and conditions as the Board shall prescribe 
in the Resolution. 

Sec. 10. And be it further ordained, That prior to the 
issuance, sale and delivery of the Bonds, the Board shall 
adopt the Resolution pursuant to which the Board shall : 

(a) prescribe the form, tenor, terms and conditions of 
and security for the Bonds and their issuance ; 

(b) prescribe the actual amounts, rate or rates of inter- 
est (or the method of determining the same), denomina- 
tions, date, actual maturity or maturities, and the place or 
places of payment of the Bonds, and the terms and condi- 
tions and details under which the Bonds may be called for 
redemption prior to their stated maturities ; 

(c) if a Trust Agreement is entered into, appoint a bank 
having trust powers, or a trust company, as Trustee for 
the Bonds and, if necessary, appoint a paying agent or 
agents for the Bonds, which may be the Trustee : 

(d) approve the form and contents, and authorize the 
execution and delivery (where applicable) of (i) the Loan 
Agreement, (ii) the Trust Agreement or the Assignment, 
and (iii) such other documents, including (without limita- 
tion) mortgages, deeds of trust, guaranties and security 
instruments as the Board shall deem necessary to approve 
in order to effectuate the issuance, sale and delivery of the 
Bonds ; 

(e) determine the time of execution, issuance, sale and 
delivery of the Bonds and prescribe any and all other details 
and conditions of the Bonds : 

(f ) provide for the direct payment by the Borrower of 
all costs, fees and expenses incurred by or on behalf of the 
City in connection with the issuance, sale and delivery of 
the Bonds, including (without limitation) costs of printing 
(if any) and issuing the Bonds, legal expenses and compen- 



ORDINANCES 1439 

sation to any person (other than full time employees of the 
City) performing services by or on behalf of the City in 
connection therewith ; 

(g) if the Trust Agreement is entered into, provide for 
the issuance and sale (subject to the passage of an appro- 
priate ordinance authorizing the same as may be required 
by the time) of one or more series of additional bonds and 
one or more series of refunding bonds ; and 

(h) do any and all things, and authorize the officials of 
the City to do any and all things, necessary, proper or 
expedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 11. And be it further ordained, That the Loan 
Agreement and the Trust Agreement or the Assignment 
shall contain such terms, provisions and conditions, not 
inconsistent with the Enabling Law and the provisions of 
this Ordinance, as the Board shall approve in the Resolution. 

Sec. 12. And he it further ordained, That, as authorized 
by the Enabling Law, the Bonds shall be sold at private 
(negotiated) sale upon such terms and conditions as shall 
be approved by the Board in the Resolution. 

Sec. 13. And be it further ordained. That the Bonds and 
the interest thereon shall not be general obligations of the 
City and shall not be a pledge of or invole the faith and 
credit or the taxing power of the City, and shall not consti- 
tute a debt of the City, all within the meaning of Section 7 
of Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other 
obligations of the City. The Bonds and the interest thereon 
shall not constitute or give rise to any pecuniary liability of 
the City. The Bonds, and the interest thereon, shall be 
limited obligations of the City, the principal of and interest 
on which Bonds shall be payable by the City solely from the 
revenue derived from Loan repayments (both principal and 
interest) made to the City by the Borrower on account of 
the Loan and, to the extent provided by the Board in the 
Resolution, from the proceeds of the Bonds, and from any 
other moneys made available to the City for such purpose. 



1440 ORDINANCES Ord. No. 474 

If the Trust Agreement is entered into, the proceeds of the 
Bonds will be paid directly to the Trustee to be held and 
disbursed by the Ti^ustee as provided in the Trust Agree- 
ment to be approved by the Board in the Resolution. If an 
Assignment is entered into and the Project has not been 
completed, the Board will provide in the Resolution that the 
proceeds will be paid directly to the Project Fund Trustee 
and deposited by the Project Fund Trustee into the Project 
Fund thereby created under this Assignment, or if the 
Assignment is entered into and the Board finds and deter- 
mines that the Project has been or will be completed on or 
before the date of delivery of the revenue bonds, the Board 
may provide in the Resolution that the proceeds of the 
revenue bonds will be paid directly to the Borrower, or for 
the account of the Borrower, to be used by the Borrower to 
pay the costs of, or to reimburse the Borrower for pajment 
of the costs of, the completion of the Project, as provided in 
the Assignment to be approved by the Board in the Resolu- 
tion. No such moneys will be commingled with the City's 
funds or will be subject to the absolute control of the City, 
but will be subject only to such limited supervision and 
checks as are deemed necessary or desirable by the City to 
insure that the proceeds of the Bonds are used to accomplish 
the public purposes of the Enabling Law and this Ordinance. 

Sec. 14. And be it further ordained, That in considera- 
tion of the purchase and acceptance of the Bonds by those 
who shall hold the Bonds from time to time, the City does 
hereby, and by the execution and delivery of the Trust 
Agreement or the Assignment to be approved by the Board 
shall, set aside or pledge the income and revenue under the 
Loan Agreement (other than payments to the City for 
indemnification or to reimburse the City for expenses in- 
curred by the City itself) to the Trustee or, if the Assign- 
ment is entered into, the Original Purchaser, its successors 
and assigns, to be used and applied for the payment of the 
principal of and interest on the Bonds. Pursuant to the 
terms of the Loan Agreement to be approved by the Board 
in the Resolution, payments sufl^icient for the prompt pay- 
ment when due of the principal of, premium, if any, and 
interest on the Bonds are to be paid by the Borrower to the 
Trustee for the benefit of the holders of the Bonds, or, if 
the Assignment is entered into, to the Original Purchaser, 
its successors and assigns, for the account of the City. 



ORDINANCES 1441 

Sec. 15. And be it further ordained, That the Borrower 
shall agree that : 

(a) It will submit any plans and specifications for the 
Project to the Department of Housing and Community De- 
velopment for approval, and that the Department of Hous- 
ing and Community Development may refuse approval of 
any plans and specifications for aesthetic or functional 
reasons ; and 

(b) It and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high qual- 
ity site, building, and landscape design. 

Sec. 16. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid or 
unconstitutional or inapplicable to any person or circum- 
stances, such illegality, invalidity or unconstitutionality, or 
inapplicability shall not affect or impair any of the remain- 
ing provisions, sentences, clauses, sections, or parts of this 
Ordinance or their application to other persons or circum- 
stances. It is hereby declared to be the legislative intent 
that this Ordinance would have been passed if such illegal, 
invalid or unconstitutional provision, sentence, clause, sec- 
tion or part had not been included herein, and if the person 
or circumstances to which this Ordinance or any part here- 
of are inapplicable had been specifically exempted herefrom. 

Sec. 17. And be it further ordained. That, if the Bonds 
are not issued and sold within six months from the date on 
which this Ordinance is approved by the Mayor of the City, 
the authorization provided in this Ordinance for the City to 
issue and sell the Bonds shall expire; provided, however, 
that the Board may, after showing of good cause at a public 
hearing held before the Board, extend such authorization 
for one additional term not to exceed six months. The 
Board, in its sole discretion, shall determine the sufficiency, 
or lack thereof, of the reasons presented for any requested 
extension of this Ordinance. If an extension is granted, 
notice of such extension and the reasons therefor must be 
sent to the City Council. 



1442 ORDINANCES Ord. No. 475 

Sec. 18. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 475 
(Council No. 851) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 

JOHNSTON SQUARE 

RESIDENTIAL DEVELOPMENT PROGRAM 

FOR the purpose of authorizing and providing for the 
issuance, sale and delivery, by the Mayor and City Council 
of Baltimore (the ''City") of its revenue obhgations for 
the Johnston Square Residential Development Program 
(as defined in this ordinance) consisting of its revenue 
notes, to be used in part to pay the costs of construction 
of residential units as described in this ordinance, desig- 
nated ''Single-Family Construction Mortgage Revenue 
Notes (Johnston Square Loan Program)" in the aggre- 
gate principal amount not exceeding $4,500,000, and of 
its revenue bonds, to be used in part to provide mortgage 
financing for the purchasers of owner-occupied resi- 
dential units described in this ordinance, designated 
"Single-Family Mortgage Revenue Bonds (Johnston 
Square Loan Program)" in the aggregate principal 
amount not exceeding S4,000,000, each pursuant to the 
provisions of Subsections (51) and (50) of Article II of 
the Charter of Baltimore City (1964 Revision, as 
amended), in order to use the proceeds for the sole and 
exclusive purpose of financing the Johnston Square Resi- 
dential Construction Loan Program (as defined in this 
ordinance) each as part of the Johnston Square Resi- 
dential Development Program (as defined in this ordi- 
nance) for the Project Areas within the Johnston Square 
Area (each as defined in this ordinance) in the City of 



ORDINANCES 1443 

Baltimore, including (without limitation) the purchase, 
the contracting to purchase or the acquisition of mortgage 
loans bearing interest rates below those generally pre- 
vailing (at the time of purchase or contract to purchase) 
in the private mortgage market (to the extent such a 
market exists at that time) for loans of comparable quali- 
ity and term in the City of Baltimore, as provided in this 
ordinance, for the public purpose of developing readily 
available sources of money at low and moderate cost for 
the Johnston Square Residential Development Program 
(as defined in this ordinance) for the Project Areas 
within the Johnston Square Area (each as defined in this 
ordinance) within the City of Baltimore; making certain 
legislative findings, among others, concerning the public 
benefit and purpose of such revenue notes and revenue 
bonds; providing that (a) such revenue notes and reve- 
nue bonds shall be payable solely and only from Revenue 
Note and Bond Loan Program Revenues (as defined in 
this ordinance) and (to the extend provided by resolution 
of the Board of Finance of the City adopted pursuant to 
this ordinance) certain proceeds or such revenue notes 
and revenue bonds and (b) such revenue notes and reve- 
nue bonds shall not ever constitute, within the meaning 
of Section 7 of Article XI of the Constitution of Mary- 
land or any other constitutional, statutory or charter pro- 
vision or otherwise (i) a debt or general obligation of 
the City or any other political subdivision or (ii) a pledge 
of or an involvement of the faith and credit or the taxing 
powers of the City or any other political subdivision ; au- 
thorizing and empowering the Board of Finance of the 
City by resolution (i) to determine and set forth certain 
matters pertaining to the revenue notes and the revenue 
bonds including (without limitation) the form, terms, 
provisions (including redemption provisions and sinking 
fund requirements, if any) , manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance and any 
and all other details of such revnue notes and reve- 
nue bonds, (ii) to do any and all things necessary, 
proper or expedient in connection with the issuance and 
sale of such revenue notes and revenue bonds, including 
(without limitation) to approve the form of construction 
loan agreements in connection with such revenue notes, 
to approve the form of servicing agreements in connec- 



1444 ORDINANCES Ord. No. 475 

tion with such revenue notes and bonds, to prepare and 
distribute preliminary and final official statements or 
preliminary and final placement memoranda or circulars 
in connection with the sale of such revenue notes and 
revenue bonds, to determine the dates, times and places 
when underwriting or placement agreements or purchase 
agreements shall be submitted by the underwriters or 
placement agents for such revenue notes and revenue 
bonds or the purchasers of such revenue notes or reve- 
nue notes or revenue bonds and to determine certain of 
the terms of such agreements, to determine the interest 
rate or rates to be paid by the City on such revenue notes 
and revenue notes and revenue bonds and (iii) to ap- 
prove the form of trust agreements between the City and 
the trustee, which trust agreements may (a) pledge or 
assign all or any part of the security for such revenue 
notes and revenue bonds,, (b) contain reasonable and 
proper provisions for the protection and enforcement of 
the rights and remedies of the holders of such revenue 
notes and revenue bonds, (c) set forth the rights and 
remedies of the holders of such revenue notes and reve- 
nue bonds and of the trustee and restrict the individual 
right of action by the holders of such revenue notes and 
revenue bonds, and (d) contain whatever other provi- 
sions are deemed reasonable and proper for the security 
of the holders of such revenue notes and revenue bonds; 
providing that all or a portion of such revenue notes and 
revenue bonds may be refunded pursuant to a subsequent 
ordinance of the City; and generally providing for and 
determining various matters in connection with the au- 
thorization, issuance, security, sale and payment of such 
revenue obligations for the Johnston Square Residential 
Development Program (as defined in this ordinance). 

RECITALS 

A. Subsection (51) — Loans to Facilitate Low and 
Moderate Cost Residential Mortgage Financing Within 
the City, of Article II of the Charter of Baltimore City 
(1964 Revision, as amended) ("Subsection 51") author- 
izes Mayor and City Council of Baltimore (the "City") 
to borrow money by the issuance and sale of its revenue 
notes and revenue bonds and to utilize the proceeds of 
the notes and bonds to develop an owner-occupancy resi- 



ORDINANCES 1445 

dential mortgage loan program in the City of Baltimore, 
Maryland (''Baltimore") to provide readily available 
sources of money at low and moderate cost for such resi- 
dential mortgage loans within Baltimore through the pur- 
chase, contracting to purchase or other acquisition of 
mortgage loans (i) bearing interest rates below those 
generally prevailing (at the time of purchase or contract 
to purchase) in the private mortgage market (to the ex- 
tent such a market exists at that time) for loans of com- 
parable quality and term in Baltimore and (ii) having 
whatever other terms and characteristics as may be de- 
termined by the City. Subsection (51) requires that reve- 
nue notes and revenue bonds authorized thereunder shall 
be issued pursuant to Subsection (50) — Revenue Bonds 
and Obligations, of the Charter of Baltimore City (1964 
Revision, as amended). 

B. Subsection (50) — Revenue Bonds and Obligations, 
of Article II of the Charter of Baltimore City (1964 Re- 
vision, as amended) (''Subsection (50)") authorizes the 
City to borrow money through the issuance and sale of 
its revenue notes and revenue bonds for the accomplish- 
ment of any of the purposes, objects and powers of the 
City. Revenue notes and revenue bonds issued pursuant 
to Subsection (50) shall be payable, as to both principal 
and interest, solely from and secured solely by (i) the 
revenues from or arising in connection with the property 
facilities, developments and improvements whose financ- 
ing is undertaken by issuance of the notes or bonds, (ii) 
the revenues from or arising in connection with any con- 
tracts, mortgages or other securities purchased or other- 
wise acquired with the proceeds of the notes or bonds, 
(iii) the contracts, mortgages or other securities pur- 
chased or otherwise acquired with the proceeds of the 
notes or bonds, or (iv) any combination of (i), (ii) or 
(iii). 

C. Subsection (50) further authorizes the City to au- 
thorize and empower the Board of Finance of the City by 
resolution (i) to determine and set forth certain matters 
pertaining to the revenue notes and revenue bonds, in- 
cluding (without limitation) the forms, terms, provisions, 
manner or method of issuing and selling (including ne- 
gotiated as well as competitive bid sales) and the time or 
times of issuance and any and all other details of such 



1446 ORDINANCES Ord. No. 475 

revenue notes or revenue bonds, (ii) to do any and all 
things necessary, proper or expedient in connection with 
the issuance and sale of such revenue notes or revenue 
bonds, and (iii) to approve the form of a trust agreement 
betwen the City and the trustee, which trust agreement 
may (a) pledge or assign all or any part of the security 
for such notes or bonds, (b) contain reasonable and 
proper provisions for the protection and enforcement of 
the rights and remedies of the holders of such notes or 
bonds, (c) set forth the rights and remedies of the hold- 
ers of such notes or bonds and of the trustee and restrict 
the individual rights of action by the holders of the notes 
or bonds, and (d) contain whatever other provisions are 
deemed reasonable and proper for the security of the 
holders of such notes or bonds. 

D. Subsection (51) and Subsection (50) are referred 
to herein collectively as the "Enabling Laws". 

E. Subsection (51) declares, among other things, that 
borrowing money thereunder by the issuance of revenue 
notes or revenue bonds shall be for the essential public 
purpose of (i) preserving a healthy and viable economy 
within Baltimore, (ii) encouraging and facilitating the 
creation or maintenance of a healthy and ready market 
for residential real estate in Baltimore, including (with- 
out limitation) the ready sale and purchase of existing 
residential real estate and the purchase, acquisition, 
construction, erection or development of buildings or 
structures for o\\Tier-occupied residential purposes, in- 
cluding any land necessary therefor, within the boun- 
daries of Baltimore, (iii) encouraging and facilitating 
the purchase of residential real property in Baltimore 
in order to maintain and encourage gro\\i:h in real prop- 
erty assessments in Baltimore, and (iv) preserving the 
public health, safety and welfare of the residents of 
Baltimore by enabling residents of Baltimore of all in- 
come levels to finance readily their housing needs in Balti- 
more, thus discouraging the proliferation of vacant and 
substandard housing in Baltimore and retarding or re- 
versing the movement of financially self sufficient tax- 
payers to surrounding subdivisions. 

F. The Project Area of the Johnston Square Resi- 
dential Development Program shall be located in the Cit>^ 



ORDINANCES 1447 

of Baltimore in the block bounded by Biddle, Valley, 
Preston, and Homewood Streets in Johnston Square. 
Consisting of single family residential dwelling units in- 
cluding but not limited to townhouse, condominiums co- 
operatives, or other residential structures. 

G. As part of the development of the Johnston 
Square Area, the City seeks to promote owner-occupied 
residential units within Baltimore and the Johnston 
Square Area offering a variety of good housing accommo- 
dations in an attractive environment (such program as it 
may have heretofore or may hereafter be amended, or 
supplemented or extended to other areas from time to 
time called the ''Johnston Square Residential Develop- 
ment Program"). 

H. Pursuant to the Johnston Square Residential De- 
velopment Program, the City proposes to provide neces- 
sary construction financing as determined from time to 
time (such program as it may have heretofore or may 
hereafter be amended, supplemented or extended to other 
areas from time to time called the "Johnston Square 
Residential Construction Loan Program'' for developers 
and builders (herein "developers"), and necessary long- 
term mortgage financing (such program as it may have 
heretofore or may hereafter be amended, supplemented or 
extended to other areas from time to time called "John- 
ston Square Residential Mortgage Loan Program") for 
purchasers (herein "mortgagors") of residential units in 
the Project Area through several isues of the City's reve- 
nue notes and revenue bonds. 

L Pursuant to the Enabling Laws, the City has deter- 
mined to issue and sell in an amount not to exceed 
$4,500,000, aggregate principal amount of its "Single- 
Family Construction Mortgage Revenue Notes (Johnston 
Square Loan Program)", (the "Notes") and to use the 
proceds of the Notes to provide construction financing 
for development of an owner-occupancy residential loan 
program for the Johnston Square Residential Develop- 
ment Program which loan program will include (without 
limitation) the financing of construction loans for the 
developer. 

J. Pursuant to the Enabling Laws, the City has deter- 
mined to issue and sell in an amount not to exceed 



1448 ORDINANCES Ord. No. 475 

$4,000,000, aggregate principal amount of its "Single- 
Family Mortgage Revenue Bonds (Johnston Square Loan 
Program)", (the ''Bonds") and use the proceeds of the 
Bonds, to develop an owner-occupancy residential loan 
program for the Johnston Square Residential Develop- 
ment Program, which loan program will include (without 
limitation) the financing of mortgage loans for the 
Mortgagors. 

K. The City has determined to issue and sell the Notes 
and the Bonds to effectuate the public purpose of (i) 
preserving a healthy and viable economy within Balti- 
more, (ii) encouraging and facilitating the creation or 
maintenance of a healthy and ready market for residential 
real estate in Baltimore, including (without limitation) 
the ready sale and purchase of existing residential real 
estate and the purchase, acquisition, construction, erec- 
tion or development of buildings or structures for owner- 
occupied residential purposes, including any land neces- 
sary therefor, within the boundaries of Baltimore, (iii) 
encouraging and facilitating the purchase of residential 
real property in Baltmore in order to maintain and en- 
courage growth in real property assessments in Balti- 
more, and (iv) preserving the public health, safety and 
welfare of the residents of Baltimore by enabling resi- 
dents of Baltimore of all income levels to finance readily 
their housing needs in Baltimore, thus discouraging 
the proliferation of vacant and substandard housing in 
Baltimore and retarding or reversing the movement of 
financially self sufficient taxpayers to surrounding sub- 
divisions. 

L. Pursuant to authority provided in Article XI-H of 
the Constitution of Maryland and laws enacted pursuant 
thereto, the City from time to time has general funds 
available for use to make or contract to make or to guar- 
antee or insure financial loans to any person or other legal 
entity to be used for or in connection with the purchase, 
acquisition, construction, erection or development of 
buildings or structures, including any land necessary 
therefor, within the boundaries of Baltimore, which 
buildings or structures are to be used or occupied for 
residential purposes. Pursuant to such authority, or as 
otherwise may be permitted by applicable law, the City, 



ORDINANCES 1449 

acting through the Department of Housing and Commu- 
nity Development of the City and the Board of Estimates 
of the City, may determine from time to time to make, 
guarantee or insure financial loans in connection with the 
owner-occupied residential units for the Project Areas to 
supplement the proceeds of the Notes and Bonds to de- 
velop the Johnston Square Residential Construction Loan 
Program and the Johnston Square Residential Mortgage 
Loan Program as an integral part of the Johnston 
Square Residential Development Program. 

M. The City has determined to use, in part, the pro- 
ceeds of the Bonds to provide mortgage financing to the 
purchasers of the owTier-occupied residential units in the 
Project Area pursuant to the Inner Harbor Residential 
Development Program by making loans to finance such 
purchases. 

Section 1. Be it ordained by Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Laws, 
it is hereby found and determined, as follows : 

(1) The isuance of revenue notes and revenue bonds by 
the City pursuant to the Enabling Laws to develop the 
Johnston Square Residential Construction Loan Program 
and the Johnston Square Residential Mortgage Loan Pro- 
gram each as a part of the Johnston Square Residential 
Development Program in Baltimore through the purchase, 
contracting to purchase or other acquisition of mortgage 
loans (i) bearing interest rates below those generally pre- 
vailing (at the time of purchase or contract to purchase) 
in the private mortgage market (to the extent such a mar- 
ket exists at that time) for loans of comparable quality and 
term in Baltimore and (ii) having the terms and charac- 
teristics as determined by this ordinance and the Board of 
Finance acting pursuant to this ordinance, will encourage 
and facilitate the purchase of residential property in the 
Project Area by residents of Baltimore of all income levels. 

(2) The accomplishment of the transactions contem- 
plated and authorized by this ordinance, including (without 
limitation) the development of the Johnston Square Resi- 
dential Construction Loan Program and the Johnston 
Square Residential Mortgage Loan Program, will accom- 
plish a public purpose and meet existing public needs by 



1450 ORDINANCES Ord. No. 475 

(i) preserving a healthy and viable economy within Balti- 
more, (ii) encouraging and facilitating the creation or 
maintenance of a healthy and ready market for residential 
real estate in Baltimore, including (without limitation) the 
ready sale and purchase of existing residential real estate 
and the purchase, acquisition, construction, erection or de- 
velopment of buildings or structures for owner-occupied 
residential purposes, including any land necessary therefor, 
within the boundaries of Baltimore City, (iii) encouraging 
and facilitating the purchase of residential real property in 
Baltimore in order to maintain and encourage gro\\i:h in 
real property assessments in Baltimore, and (iv) preserv- 
ing the public health, safety and welfare of the residents of 
Baltimore by enabling residents of Baltimore of all income 
levels to finance readily their housing needs in Baltimore, 
thus discouraging the proliferation of vacant and substand- 
ard housing in Baltimore and retarding or reversing the 
movement of financially self sufficient taxpayers to sur- 
rounding subdivisions. 

(3) Neither notes or bonds nor interest coupons issued 
under the authority of the Enabling Laws constitute (i) a 
debt or general obligation of the City or any other political 
subdivisions, or (ii) a pledge of or an involvement of the 
faith and credit or the taxing powers of the City or any 
other political subdivision, all within the meaning of Sec- 
tion 7 of Article XI of the Constitution of Maryland or any 
other constitutional, statutory or charter provision. The 
principal of and interest on the Notes and Bonds shall be 
payable from, and secured by, (i) an assignment of pay- 
ments, proceeds, charges, rents and any other income or 
payments (except certain escrow payments) to be derived 
in cash by or for the account of the City from or related to 
the Johnston Square Residential Construction Loan Pro- 
gram and the Johnston Square Residential Mortgage Loan 
Program, including (without limitation) pajments (as de- 
termined by resolution of the Board of Finance adopted 
pursuant to this ordinance) of principal and interest on 
construction mortgage loans made by the City to the devel- 
oper of owner-occupied residential units in the Johnston 
Square Residential Development Program and on mortgage 
loans made by the City to Mortgagors (all such income or 
payments called the "Revenue Note and Bond Loan Pro- 
gram Revenues") and (ii) (to the extent provided by reso- 



ORDINANCES 1451 

lution of the Board of Finance adopted pursuant to this 
ordinance) proceds of the Notes and Bonds. The principal 
of and interest on the Notes shall be secured by (without 
limitation) construction mortgages from the developer in 
connection with the Johnston Square Residential Construc- 
tion Loan Program (the ''Construction Mortgages"). The 
principal of and interest on the Bonds shall be secured by 
(without limitation) mortgages from Mortgagors in con- 
nection with the Johnston Square Residential Mortgage 
Loan Program (the ''Unit Mortgages"). The Notes and 
Bonds may be additionally secured (without in any way 
specifying or limiting the terms of such additional security) 
by (i) insuring all or a part of the Unit Mortgages by 
private mortgage insurance provided by one or more private 
mortgage insurers selected by the Board of Finance; or 
(ii) insuring all or a part of the Unit Mortgages through 
the Maryland Housing Fund or such other Federal, State or 
municipal fund or other agency permitted by applicable law 
to perform such insuring functions; or (iii) assigning the 
the proceeds of the mortgage insurance to the trustee for the 
holders of the Notes and Bonds (the "Bondholders") ; or 
(iv) such other security as the Board of Finance may by 
resolution approve; or (v) any combination of (i), (ii), 
(iii) and (iv). 

The principal amount of the Notes and Bonds will be 
paid directly to, and will be disbursed by, the independent 
trustee or trustees appointed by the Board of Finance pur- 
suant to this ordinance (the "Trustee"). No such moneys 
will be either commingled with the City's general funds or 
made subject to the absolute control of the City, except for 
such limited supervision and checks as are deemed necessary 
or desirable by the City to insure that the proceeds of the 
Notes and Bonds are used to accomplish the public purposes 
of the Enabling Laws and this ordinance. The Revenue 
Note and Bond Loan Program Revenues, in the case of 
construction financing for the developer, will be paid by the 
developer to the Trustee as servicer for the Construction 
Mortgages or as Trustee for the Johnston Square Residen- 
tial (Construction Loan Program, as stipulated in the con- 
struction loan agreement or agreements to be entered into 
by the City with an agent, or agents, for construction loan 
servicing of the Construction Mortgages. The Revenue 
Note and Bond Loan Program Revenues, in the case of 



1452 ORDINANCES Ord. No. 475 

financing for Mortgagors, will be paid by the Mortgagors 
to the mortgage servicer or servicers for the Johnston 
Square Residential Mortgage Loan Program, as stipulated 
in the servicing agreement or agreements to be entered into 
by the City with a servicing agent or agents for the Unit 
Mortgages, and the Revenue Note and Bond Loan Program 
Revenues, less the servicing fee to be approved by the Board 
of Finance, shall be paid by such servicer to the Trustee. 
The transactions authorized hereby do not constitute a pub- 
lic improvemnt or a capital project within the meaning of 
any charter or statutory provision. The public purposes 
expressed in this ordinance are intended to be achieved by 
providing residential low and moderate cost mortgage con- 
struction loans to the developer of the Johnston Square 
Residential Development Program and residential low and 
moderate cost mortgage loans to the Mortgagors, each 
within Baltimore; preserving a healthy economy within 
Baltimore; fostering a healthy market for residential real 
estate in Baltimore; fostering the purchase of residential 
real propertiy in Baltimore and providing affordable hous- 
ing within Baltimore, thus discouraging the movement of 
taxpayers to surrounding subdivisions. 

Sec. 2. And be it further ordained. That, the issuance, 
sale and delivery of not exceeding S4, 500, 000, aggregate 
principal amount of revenue notes, hereby designated 
''Single-Family Construction Mortgage Revenue Notes 
(Johnston Square Loan Program)", and the issuance, sale 
and delivery of not exceding 84,000,000, aggregate principal 
amount of revenue bonds, hereby designated "Single- 
Family Mortgage Revenue Bonds (Johnston Square Loan 
Program) " are hereby authorized, subject to the provisions 
of this ordinance, the proceeds to be used to develop the 
Johnston Square Residential Construction Loan Program 
and the Johnston Square Residential Development Pro- 
gram, all as set forth in this ordinance. In addition to the 
disbursement of Note and Bond proceeds for construction 
loans and mortgage loans under the Johnston Square Resi- 
dential Construction Loan Program and the Johnston 
Square Residential Mortgage Loan Program, Note and 
Bond proceeds may be disbursed (without limitation) (i) 
with respect to construction loans, to pay all costs of plan- 
ning, development and construction of the owner-occupied 
residential units for the Johnston Square Residential Devel- 



ORDINANCES 1453 

opment Program including (without limitation) architect's 
and enginers' fees and taxes, land costs, land development 
costs, interest during the construction period, construction 
materials and equipment, construction contracting services 
and payment and performance bonds, (ii) to pay the cost 
of issuance and sale of the Notes and Bonds, including 
(without limitation) costs of printing Notes and Bonds, the 
official statement and other legal documents, costs of deliv- 
ery of the Notes and Bonds, commitment fees, legal fees, 
accounting fees, underwriting costs, advertising costs, costs 
of rating agency reviews and all other incidental related 
expenses and (iii) (to the extent provided by resolution of 
the Board of Finance adopted pursuant to this ordinance) 
to fund a debt service reserve or other reserve funds for the 
Notes and Bonds. The Notes and Bonds shall be solely and 
exclusively payable from the Revenue Note and Bond Loan 
Program Revenues and (to the extent provided by resolu- 
lution of the Board of Finance adopted pursuant to this 
ordinance) certain Note and Bond proceeds. The Notes and 
Bonds shall be secured (to the extent provided by resolution 
of the Board of Finance adopted pursuant to this ordinance) 
by (without limitation) the Construction Mortgages and 
the Unit Mortgages. The Board of Finance may require, 
however, that the Notes and Bonds be additionally secured 
by (i) insuring the Construction Mortgages and Unit 
Mortgages through private mortgage insurance provided 
by one or more private mortgage insurers selected by the 
Board of Finance; or (ii) insuring the Construction Mort- 
gages and Unit Mortgages through the Maryland Housing 
Fund or such Federal, State, or municipal fund or other 
agency permitted by applicable law to perform such insur- 
ing functions; or (iii) assigning the proceeds of the mort- 
gage insurance to the Trustee for the Bondholders; or 
(iv) such other security as the Board of Finance may ap- 
prove; or (v) any combination of (i), (ii), (iii) and (iv). 
The aggregate principal amount of Notes issued, sold and 
delivered pursuant to this ordinance shall not exceed 
$4,500,000, and the aggregate principal amount of the 
Bonds issued, sold and delivered pursuant to this ordinance 
shall not exceed $4,000,000, unless such amount or amounts, 
in each case, shall be increased by an ordinance of the City 
supplemental hereto. The City contemplates that, because 
of inflation and other factors which may occur during the 
development and construction periods of the Project Area, 



1454 ORDINANCES Ord. No. 475 

the City will amend or supplement this ordinance from time 
to time to increase such amounts or otherwise to provide 
for matters affecting the Johnston Square Residential De- 
velopment Program. Nothing in this ordinance is intended 
or shall be demed to exclude the issuance of refunding 
bonds to refund all or a portion of the Notes or Bonds, and 
the adoption of a subsequent ordinance or ordinances for 
such purpose is expressly contemplated by this ordinance. 

In accordance with the Enabling Laws, the City hereby 
authorizes the Board of Finance, unless the City shall other- 
wise prescribe prior to the issuance and delivery of the 
Notes or Bonds, by resolution to take the following actions 
and to make the following commitments on behalf of the 
City: 

(a) to detennine and set forth the form, terms, provi- 
sions (including redemption provisions and sinking fund 
requirements, if any), manner or method of issuing and 
selling (including negotiated or competitive bid sale) and 
the time or times of issuance and any and all other details 
of the Notes and Bonds ; 

(b) to determine and set forth the form, terms and pro- 
visions of construction loan agreements, servicing agree- 
ments and all other construction and mortgage loan and 
other documents in connection with the Notes and Bonds ; 

(c) to prepare and distribute, in conjunction with the 
prospective underwriters or placement agents, if any, for 
the Notes and Bonds, preliminary and final official state- 
ments or placement memoranda or circulars as the Board 
of Finance deems necessary and appropriate in connection 
with the sale of the Notes and Bonds; provided, however, 
that any such preliminary official statements or placement 
memoranda or circulars shall be clearly marked to indicate 
that they are subject to completion and amendment; 

(d) to determine the dates, times and places when an 
underwriting or placement agreement or purchase contract 
shall be submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 
Bonds, such underwriting or placement proposed to be paid 
on the Notes and Bonds, the price at which such Notes and 
Bonds are to be sold to such underwriters, placement agents 
or purchasers, and such other matters as the underwriters, 



ORDINANCES 1455 

placement agents or purchasers and the Board of Finance 
may deem necessary or desirable in order to effect the sale 
and delivery of the Notes and Bonds ; 

(e) to determine the interest rate or rates to be paid by 
the City on the Notes and Bonds in accordance with the 
proposed underwriting or placement agreement or purchase 
contract submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 
Bonds ; 

(f) to appoint, as the Board of Finance deems neces- 
sary and appropriate, a bank having trust powers, or a 
trust company, as trustee for the Notes and Bonds to be 
issued pursuant to this ordinance ; and 

(g) to approve the form of trust agreements between 
the City and the Trustee, which trust agreements may (i) 
pledge or assign all or any part of the security of the 
Notes and Bonds, (ii) contain reasonable and proper pro- 
visions for the protection and enforcement of the rights and 
remedies of the Bondholders, (iii) set forth the rights and 
remedies of the Bondholders and the Trustee and may re- 
strict the individual right of action by the Bondholders, 
and (iv) contain whatever other provisions are deemed 
reasonable and proper for the security of the Bondholders. 

The Board of Finance shall perform any and all actions 
necessary or deemed appropriate by such Board in order to 
effect the issuance and sale of the Notes and Bonds in accord- 
ance with and pursuant to this ordinance and the under- 
writing or placement agreements or purchase contracts for 
the Notes and Bonds. 

The Notes and Bonds shall be dates as of the first day of 
the month next following the date on which the Notes and 
Bonds are sold unless the Board of Finance shall specifiy 
a different date by a resolution adopted pursuant to this 
ordinance, and the Notes and Bonds shall bear interest at 
an annual rate or rates payable semi-annually following the 
date of the Notes and Bonds so that, if the Notes and Bonds 
are dated October 1, 1981, interest on the Notes and Bonds 
will be payable on March 1, 1982 and semi-annually there- 
after each October 1 and March 1 unless the Board of Fi- 
nance shall specify more frequent or different dates by a 
resolution adopted pursuant to this ordinance. 



1456 ORDINANCES Ord. No. 475 

The Notes and Bonds issued hereunder shall mature on 
the date or dates provided in a resolution of the Board of 
Finance adopted pursuant to this ordinance, but the last 
maturity of each series of Notes shall in no event exceed 
a period of five (5) years from the date of such series of 
Notes and the last maturity of each series of the Bonds 
shall in no event exceed a period of forty (40) years from 
the date of such series of Bonds. If the resolution of the 
Board of Finance does not provide any maturity of maturi- 
ties for the Notes, all of the Notes of a series shall mature 
on the date five (5) years from the date of such series of 
Notes. For example, if the Note is dated September 30, 
1981, all of the Notes of such series will mature (in the 
absence of a resolution of the Board of Finance determin- 
ing otherwise) on September 30, 1986. If the resolution of 
the Board of Finance does not provide any maturity or 
maturities for the Bonds, all of the Bonds of a series shall 
mature on the date thirty-two (32) years from the date of 
such series of the Bonds. For example, if the Bond is dated 
September 30, 1981, all the Bonds of such series will mature 
(in the absence of a resolution of the Board of Finance 
determining otherwise) on September 30, 2013. 

Sec. 3. And be it further ordained, That, prior to the 
sale of the Notes and Bonds, the Board of Finance, unless 
the City shall otherwise prescribe, may determine by reso- 
lution : 

(1) the provisions of trust between the City and the 
Trustee ; 

(2) the manner of execution, authentication, registra- 
tion and transfer of the Notes and Bonds; 

(3) provisions for authentication and delivery of the 
Notes and Bonds; 

(4) the provisions of the Johnston Square Residential 
Construction Loan Program and of the Johnston Square 
Residential Mortgage Loan Program, including (i) the 
terms of the construction loans and of the Construction 
Mortgages acquired under the Johnston Square Residential 
Construction Loan Program, (ii) the terms of the mortgage 
loans and of the Unit Mortgages acquired under the John- 
ston Square Residential Mortgage Loan Program, and 



ORDINANCES 1457 

(iii) the terms of any servicing agreement between the 
City and a mortgage servicer for the Construction Mort- 
gages and the Unit Mortgages ; 

(5) the terms of the private insurance, public insur- 
ance or other security for the Notes and Bonds; 

(6) provisions for creation, holding and disbursement 
of a construction loan and a program fund to be held by 
the Trustee; 

(7) provisions for creation, holding and disbursement 
of any other funds and accounts to be held by the Trustee ; 

(8) provisions for the application of the Revenue Note 
and Bond Loan Program Revenues ; 

(9) provisions for the security for and investment of 
moneys held by the Trustee ; 

(10) the details of the procedure for the redemption of 
the Notes and Bonds ; 

(11) remedies for Bondholders in the event of default; 

(12) the duties, rights and immunities of the Trustee; 

(13) the manner of execution of instruments by Bond- 
holders and the method of proof of ownership of the Notes 
and Bonds; 

(14) provisions for modification of this ordinance; 

(15) provisions for defeasance of the Notes and Bonds; 

(16) the forms of the Notes and Bonds, coupons and 
the Trustee's authentication certificate ; and 

(17) such other maters in connection with the authori- 
zation, issuance, security, sale and payment of the Notes 
and Bonds as may be deemed appropriate by the Board of 
Finance. 

Any resolution of resolutions adopted pursuant to this 
ordinance shall be demed to be of an administrative nature. 

Sec. 4 And be it further ordained, That, the Board of 
Finance may approve the issuance of the Notes and Bonds 
in one or more series from time to time as the Board of 
Finance by resolution adopted pursuant to this ordinance 
deems necessary or appropriate in connection with the 



1458 ORDINANCES Ord. No. 475 

schedule, as amended from time to time, of the Johnston 
Square Residential Development Program. It is hereby 
declared that singular terms shall include the plural and 
plural the singular so that each provision of this ordinance 
shall apply to each series of Notes and Bonds. 

Sec. 5. And be it further ordained, That Mayor and 
City Council may amend this ordinance from time to time 
as necessary and appropriate to increase the authorization 
for revenue notes and revenue bonds for the Johnston 
Square Residential Development Program for increased 
costs or other changes in the Johnston Square Residential 
Development Program for the Project areas, or otherwise. 

Sec. 6. And be it further ordained, That, if any action 
or any matter delegated to the Board of Finance, or author- 
ized for implementation by the Board of Finance, shall not 
be acted upon by the Board of Finance, such actions and 
matters may be acted upon or implemented by a resolution 
approved by the City Council of the City, which is subse- 
quently approved by the Mayor or acting Mayor of the 
City. 

Sec. 7. And be it further ordained, That, the provisions 
of this ordinance are severable, and if any provision, sen- 
tence, clause, section or part thereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or circum- 
stances, such illegality, invalidity or unconstitutionality, or 
inapplicability shall not affect or impair any of the remain- 
ing provisions, sentences, clauses, sections, or parts of this 
ordinance or its applications to other persons or circum- 
stances. It is hereby declared to be the legislative intent that 
this ordinance would have been adopted if such illegal, in- 
valid or unconstitutional provision, sentence, clause, section 
or part had not been included therein, and if the person or 
circumstances to which this ordinance or any part thereof 
is inapplicable had been specifically exempted therefrom. 

Sec. 8. And be it further ordained, That, this ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



ORDINANCES 1459 

No. 476 
(Council No. 852) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
HARLEM PARK 
RESIDENTIAL DEVELOPMENT PROGRAM 

FOR the purpose of authorizing and providing for the 
issuance, sale and delivery, by the Mayor and City Council 
of Baltimore (the ''City") of its revenue obhgations for 
the Harlem Park Residential Development Program (as 
defined in this ordinance) consisting of its revenue notes, 
to be used in part to pay the costs of construction of 
residential units as described in this ordinance, designated 
''Single-Family Construction Mortgage Revenue Notes 
(Harlem Park Loan Program) " in the aggregate principal 
amount not exceeding $3,000,000, and of its revenue 
bonds, to be used in part to provide mortgage financing 
for the purchasers of owner-occupied residential units 
described in this ordinance, designated "Single-Family 
Mortgage Revenue Bonds (Harlem Park Loan Program)" 
in the aggregate principal amount not exceeding 
$3,700,000, each pursuant to the provisions of Subsections 
(51) and (50) of Article II of the Charter of Baltimore 
City (1964 Revision, as amended), in order to use the 
proceeds for the sole and exclusive purpose of financing 
the Harlem Park Residential Construction Loan Program 
(as defined in this ordinance) each as part of the Harlem 
Park Residential Development Program (as defined in this 
ordinance) for the Project Areas within the Harlem Park 
Area (each as defined in this ordinance) in the City of 
Baltimore, including (without limitation) the purchase, 
the contracting to purchase or the acquisition of m.ortgage 
loans bearing interest rates below those generally prevail- 
ing (at the time of purchase or contract to purchase) in 
the private mortgage market (to the extent such a market 
exists at that time) for loans of comparable quality and 
term in the City of Baltimore, as provided in this ordi- 
nance, for the public purpose of developing readily avail- 
able sources of money at low and moderate cost for the 
Harlem Park Residential Development Program (as de- 
fined in this ordinance) for the Project Areas within the 



1460 ORDINANCES Ord. No. 476 

Harlem Park Area (each as defined in this ordinance) 
within the City of Baltimore; making certain legislative 
findings, among others, concerning the public benefit and 
purpose of such revenue notes and revenue bonds ; provid- 
ing that (a) such revenue notes and revenue bonds shall 
be payable solely and only from Revenue Note and Bond 
Loan Program Revenues (as defined in this ordinance) and 
(to the extend provided by resolution of the Board of 
Finance of the City adopted pursuant to this ordinance) 
certain proceds or such revenue notes and revenue bonds 
and (b) such revenue notes and revenue bonds shall not 
ever constitute, within the meaning of Section 7 of Article 
XI of the Constitution of IMaryland or any other constitu- 
tional, statutory or charter provision or otherwise (i) a 
debt or general obligation of the City or any other political 
subdivision or (ii) a pledge of or an involvement of the 
faith and credit or the taxing powders of the City or any 
other political subdivision; authorizing and em.powering 
the Board of Finance of the City by resolution (i) to de- 
termine and set forth certain matters pertaining to the 
revenue notes and the revenue bonds including (without 
limitation) the form, terms, provisions (including re- 
demption provisions and sinking fund requirements, if 
any), manner or method of issuing and selling (including 
negotiated as well as competitive bid sale), and the time 
or times of issuance and any and all other details of such 
revenue notes and revenue bonds, (ii) to do any and all 
things necessary, proper or expedient in connection with 
the issuance and sale of such revenue notes and revenue 
bonds, including (without limitation) to approve the form 
of construction loan agreements in connection with such 
revenue notes, to approve the form of servicing agree- 
ments in connection wath such revenue notes and bonds, 
to prepare and distribute preliminary and final official 
statements of preliminary and final placement memoranda 
or circulars in connection with the sale of such revenue 
notes and revenue bonds, to determine the dates, times 
and places when underwriting or placement agreements 
or purchase agreements shall be submitted by the under- 
writers or placement agents for such revenue notes and 
revenue bonds or the purchasers of such revenue notes or 
revenue bonds and to determine certain of the terms of 
such agreements, to determine the interest rate or rates 



ORDINANCES 1461 

to be paid by the City on such revenue notes and revenue 
bonds and to appoint a trustee for such revenue notes and 
revenue notes and revenue bonds, and (iii) to approve the 
form of trust agreements between the City and the 
trustee, which trust agreements may (a) pledge or assign 
all or any part of the security for such revenue notes and 
revenue bonds, (b) contain reasonable and proper provi- 
sions for the protection and enforcement of the rights and 
remedies of the holders of such revenue notes and revenue 
bonds, (c) set forth the rights and remedies of the hold- 
ers of such revenue notes and revenue bonds and of the 
trustee and restrict the individual right of action by the 
holders of such revenue notes and revenue bonds, and (d) 
contain whatever other provisions are deemed reasonable 
and proper for the security of the holders of such reve- 
nue notes and revenue bonds ; providing that all or a por- 
tion of such revenue notes and revenue bonds may be 
refunded pursuant to a subsequent ordinance of the City ; 
and generally providing for and determining various mat- 
ters in connection with the authorization, issuance, secu- 
rity, sale and payment of such revenue obligations for the 
Harlem Park Residential Development Program (as de- 
fined in this ordinance) . 

RECITALS 

A. Subsection (51) — Loans to Facilitate Low and 
Moderate Cost Rseidential Mortgage Financing Within 
the City, of Ai'ticle II of the Charter of Baltimore City 
(1964 Revision, as amended) (''Subsection 51") author- 
izes Mayor and City Council of Baltimore (the "City") to 
borrow money by the issuance and sale of its revenue 
notes and revenue bonds and to utihze the proceeds of the 
notes and bonds to develop an owner-occupancy residen- 
tial mortgage loan program in the City of Baltimore, 
Maryland (''Baltimore") to provide readily available 
sources of money at low and moderate cost for such resi- 
dential mortgage loans within Baltimore through the 
purchase, contracting to purchase or other acquisition of 
mortgage loans (i) bearing interest rates below those 
generally prevailing (at the time of purchase or contract 
to purchase) in the private mortgage market (to the 
extent such a market exists at the time) for loans of 
comparable quality and term in Baltimore and (ii) hav- 



1462 ORDINANCES Ord. No. 476 

ing whatever other terms and characteristics as may be 
determined by the City. Subsection (51) requires that 
revenue notes and revenue bonds authorized thereunder 
shall be issued pursuant to Subsection (50) — Revenue 
Bonds and Obligations, of the Charter of Baltimore City 
(1964 Revision, as amended). 

B. Subsection (50) — Revenue Bonds and Obligations, 
of Article II of the Charter of Baltimore City (1964 Re- 
vision, as amended) (''Subsection (50)") authorizes the 
City to borrow money through the issuance and sale of 
its revenue notes and revenue bonds for the accomplish- 
ment of any of the purposes, objects and powers of the 
City. Revenue notes and revenue bonds issued pursuant 
to Subsection (50) shall be payable, as to both principal 
and interest, solely from and secured solely by (i) the 
revenues from or arising in connection with the property, 
facilities, developments and improvements whose financ- 
ing is undertaken by issuance of the notes or bonds, (ii) 
the revenues from or arising in connection with any con- 
tracts, mortgages or other securities purchased or other- 
wise acquired with the proceeds of the notes or bonds, 
(iii) the contracts, mortgages or other securities pur- 
chased or otherwise acquired with the proceeds of the 
notes or bonds, or (iv) any combination of (i), (ii) or 
(iii). 

C. Subsection (50) further authorizes the City to 
authorize and empower the Board of Finance of the City 
by resolution (i) to determine and set forth certain mat- 
ters pertaining to the revenue notes and revenue bonds, 
including (without limitation) the forms, terms, provi- 
sions, manner or method of issuing and selling (including 
negotiated as well as competitive bid sale), and the time 
or times of issuance and any and all other details of such 
revenue notes or revenue bonds, (ii) to do any and all 
things necessary, proper or expedient in connection with 
the issuance and sale of such revenue notes of revenue 
bonds, and (iii) to approve the form of a trust agreement 
between the City and the trustee, which trust agreement 
may (a) pledge or assign all or any part of the security 
for such notes or bonds, (b) contain reasonable and 
proper provisions for the protection and enforcement of 
the rights and remedies of the holders of such notes or 
bonds, (c) set forth the rights and remedies of the hold- 



ORDINANCES 1463 

ers of such notes or bonds and of the trustee and restrict 
the individual rights of action by the holders of the notes 
or bonds, and (d) contain whatever other provisions are 
deemed reasonable and proper for the security of the 
holders of such notes or bonds. 

D. Subsection (51) and Subsection (50) are referred 
to herein collectively as the ''Enabling Laws'*. 

E. Subsection (51) declares, among other things, that 
borrowing money thereunder by the issuance of revenue 
notes or revenue bonds shall be for the essential public 
purpose of (i) preserving a healthy and viable economy 
within Baltimore, (ii) encouraging and facilitating the 
creation or maintenance of a healthy and ready market 
for residential real estate in Baltimore, including (with- 
out limitation) the ready sale and purchase of existing 
residential real estate and the purchase, acquisition, con- 
struction, erection or development of buildings or struc- 
tures for owner-occupied residential purposes, including 
any land necessary therefor, within the boundaries of 
Baltimore, (iii) encouraging and facilitating the pur- 
chase of residential real property in Baltimore in order to 
maintain and encourage growth in real property assess- 
ments in Baltimore, and (iv) preserving the public health, 
safety and welfare of the residents of Baltimore by en- 
abling residents of Baltimore of all income levels to 
finance readily their housing needs in Baltimore, thus 
discouraging the proliferation of vacant and substandard 
housing in Baltimore and retarding or reversing the 
movement of financially self sufficient taxpayers to sur- 
rounding subdivisions. 

F. The Project Area of the Harlem Park Residential 
Development Program shall be located in the City of Bal- 
timore 700 and 800 blocks of North Carey Street, 1100 
and 1200 blocks of West Lanvale Street, and the 1000, 
1100 and 1200 blocks of West Lafayette Street. Consisting 
of single family residential dwelling units including but 
not limited to townhouse, condominiums, cooperatives, or 
other residential structures, 

G. As part of the development of the Harlem Park 
Area, the City seeks to promote owner-occupied residen- 
tial units within Baltimore and the Harlem Park Area 



1464 ORDINANCES Ord. No. 476 

offering a variety of good housing accommodations in an 
attractive environment (such program as it may have 
heretofore or may hereafter be amended, or supple- 
mented or extended to other areas from time to time 
called the ''Harlem Park Residential Development Pro- 
gi-am"). 

H. Pursuant to the Harlem Park Residential Devel- 
opment Program, the City proposes to provide necessary 
construction financing as determined from time to time 
(such program as it may have heretofore or may here- 
after be amended, supplemented or extended to other 
areas from time to time called the ''Harlem Park Resi- 
dential Construction Loan Program" for developers and 
builders (herein "developers"), and necessary long-term 
mortgage financing (such program as it may have here- 
tofore or may hereafter be amended, supplemented or 
extended to other areas from time to time called "Harlem 
Park Residential Mortgage Loan Program") for pur- 
chasers (herein "mortgagors") of residential units in the 
Project Area through several issues of the City's revenue 
notes and revenue bonds. 

L Pursuant to the Enabhng Laws, the City has deter- 
mined to issue and sell in an amount not to exceed 
$3,000,000, aggregate principal amount of its "Single- 
Family Construction Mortgage Revenue Notes (Harlem 
Park Loan Program)", (the "Notes") and to use the pro- 
ceeds of the Notes to provide construction financing for 
development of an o^\^ler-occupancy residential loan 
program for the Harlem Park Residential Development 
Program which loan program will include (without limi- 
tation) the financing of construction loans for the 
developer. 

J. Pursuant to the Enabling Laws, the City has deter- 
mined to issue and sell in an amount not to exceed 
S3,700,000, aggregate principal amount of its "Single- 
Family ^Mortgage Revenue Bonds (Harlem Park Loan 
Program)", (the "Bonds") and to use the proceeds of 
the Bonds, to develop an owner-occupancy residential loan 
program for the Harlem Park Residential Development 
Program, which loan program will include (without limi- 
tation) the financing of mortgage loans for the Mort- 
gagors. 



ORDINANCES 1465 

K. The City has determined to issue and sell the Notes 
and the Bonds to effectuate the public purpose of (i) pre- 
serving a healthy and viable economy within Baltimore, 
(ii) encouraging and facilitating the creation or mainte- 
nance of a healthy and ready market for residential real 
estate in Baltimore, including (without limitation) the 
ready sale and purchase of existing residential real estate 
and the purchase, acquisition, construction, erection or 
development of buildings or structures for owner-occu- 
pied residential purposes, including any land necessary 
therefor, within the boundaries of Baltimore, (iii) en- 
couraging and facilitating the purchase of residential 
real property in Baltimore in order to maintain and en- 
courage growth in real property assessments in Balti- 
more, and (iv) preserving the public health, safety and 
welfare of the residents of Baltimore by enabling resi- 
dents of Baltimore of all income levels to finance readily 
their housing needs in Baltimore, thus discouraging the 
prohferation of vacant and substandard housing in Balti- 
more and retarding or reversing the movement of finan- 
cially self sufficient taxpayers to surrounding subdivisions. 

L. Pursuant to authority provided in Article XI-H of 
the Constitution of Maryland and laws enacted pursuant 
thereto, the City from time to time has general funds 
available for use to make or contract to make or to guar- 
antee or insure financial loans to any person or other 
legal entity to be used for or in connection with the pur- 
chase, acquisition, construction, erection or development 
of buildings or structures, including any land necessary 
therefor, within the boundaries of Baltimore, which build- 
ings or structures are to be used or occupied for residen- 
tial purposes. Pursuant to such authority, or as otherwise 
may be permitted by applicable law, the City, acting 
through the Department of Housing and Community 
Development of the City and the Board of Estimates of 
the City, may determine from time to time to make, 
guarantee or insure financial loans in connection with the 
owner-occupied residential units for the Project Areas to 
supplement the proceeds of the Notes and Bonds to de- 
velop the Harlem Park Residential Construction Loan 
Program and the Harlem Park Residential Mortgage Loan 
Program as an integral part of the Harlem Park Resi- 
dential Development Program. 



1466 ORDINANCES Ord. No. 476 

M. The City has determined to use, in part, the pro- 
ceeds of the Bonds to provide mortgage financing to the 
purchasers of the owner-occupied residential units in the 
Project Areas pursuant to the Inner Harbor Residential 
Development Program by making loans to finance such 
purchases. 

Section 1. Be it ordained by Mayor and City Council 
of Baltimore, That, acting pursuant to the Enabling Laws, 
it is hereby found and determined, as follows : 

(1) The issuance of revenue notes and revenue bonds by 
the City pursuant to the Enabling Laws to develop the Har- 
lem Park Residential Construction Loan Program and the 
Harlem Park Residential ^Mortgage Loan Program each as 
a part of the Harlem Park Residential Development Pro- 
gram in Baltimore through the purchase, contracting to 
purchase or other acquisition of mortgage loans (i) bearing 
interest rates below those generally prevailing (at the 
time of purchase or contract to purchase) in the private 
mortgage market (to the extent such a market exists at 
that time) for loans of comparable quality and terni in 
Baltimore and (ii) having the terms and characteristics as 
determined by this ordinance and the Board of Finance 
acting pursuant to this ordinance, will encourage and facili- 
tate the purchase of residential property in the Project 
Area by residents of Baltimore of all income levels. 

(2) The accomplishment of the transactions contem- 
plated and authorized by this ordinance, including (without 
limitation) the development of the Harlem Park Rseidential 
Construction Loan Program and the Harlem Park Residen- 
tial Mortgage Loan Program, will accomplish a public pur- 
pose and meet existing public needs by (i) preserving a 
healthy and viable economy within Baltimore, (ii) encour- 
aging and facilitating the creation or maintenance of a 
healthy and ready market for residential real estate in 
Baltimore, including (without limitation) the ready sale and 
purchase of existing residential real estate and the purchase, 
acquisition, construction, erection or development of build- 
ings or structures for owner-occupied residential purposes, 
including any land necessary therefor, within the bounda- 
ries of Baltimore City, (iii) encouraging and facilitating 
the purchase of residential real property in Baltimore in 
order to maintain and encourage growth in real property 



ORDINANCES 1467 

assessments in Baltimore, and (iv) preserving the public 
health, safety and welfare of the residents of Baltimore by 
enabling residents of Baltimore of all income levels to 
finance readilj^ their housing needs in Baltimore, thus dis- 
couraging the proliferation of vacant and substandard 
housing in Baltimore and retarding or reversing the move- 
ment of financially self sufficient taxpayers to surrounding 
subdivisions. 

(3) Neither notes or bonds nor interest coupons issued 
under the authority of the Enabling Laws constitute (i) a 
debt or general obligation of the City or any other political 
subdivisions, or (ii) a pledge of or an involvement of the 
faith and credit or the taxing powers of the City or any 
other political subdivision, all within the meaning of Sec- 
tion 7 of Article XI of the Constitution of Maryland or any 
other constitutional, statutory or charter provision. The 
principal of and interest on the Notes and Bonds shall be 
payable from, and secured by, (i) an assignment of pay- 
ments, proceeds, charges, rents and any other income or 
payments (except certain escrow payments) to be derived 
in cash by or for the account of the City from or related 
to the Harlem Park Residential Construction Loan Program 
and the Harlem Park Residential Mortgage Loan Program, 
including (without limitation) payments (as determined by 
resolution of the Board of Finance adopted pursuant to this 
ordinance) of principal and interest on construction mort- 
gage loans made by the City to the developer of owner- 
occupied residential units in the Harlem Park Residential 
Development Program and on mortgage loans made by the 
City to Mortgagors (all such income or payments called the 
"Revenue Note and Bond Loan Program Revenues") and 
(ii) (to the extent provided by resolution of the Board of 
Finance adopted pursuant to this ordinance) proceeds of 
the Notes and Bonds. The principal of and interest on the 
Notes shall be secured by (without limitation) construction 
mortgages from the developer in connection with the Har- 
lem Park Residential Construction Loan Program (the 
"Construction Mortgages"). The principal of and interest on 
the Bonds shall be secured by (without limitation) mort- 
gages from Mortgagors in connection with the Harlem Park 
Residential Mortgage Loan Program (the "Unit i\Iort- 
gages"). The Notes and Bonds may be additionally secured 
(without in any way specifying or limiting the terms of 



1468 ORDINANCES Ord. No. 476 

such additional security) by (i) insuring all or a part of 
the Unit Mortgages by private mortgage insurance pro- 
vided by one or more private mortgage insurers selected by 
the Board of Finance; or (ii) insuring all or a part of the 
Unit Mortgages through the Maryland Housing Fund or 
such other Federal, State or municipal funds or other 
agency permitted by applicable law to perform such insur- 
ing functions; or (iii) assigning the proceeds of the mort- 
gage insurance to the trustee for the holders of the Notes 
and Bonds (the ''Bondholders') ; or (iv) such other security 
as the Board of Finance may by resolution approve; or (v) 
any combination of (i), (ii), (iii) and (iv). 

The principal amount of the Notes and Bonds will be paid 
directly to, and will be disbursed by, the independent 
trustee or trustees appointed by the Board of Finance pur- 
suant to this ordinance (the "Trustee"). No such moneys 
will be either commingled with the City's general funds or 
made subject to the absolute control of the City, except for 
such limited supervision and checks as are deemed necessary 
or desirable by the City to insure that the proceeds of the 
Notes and Bonds are used to accomplish the public purposes 
of the Enabling Laws and this ordinance. The Revenue Note 
and Bond Loan Program Revenues, in the case of con- 
struction financing for the developer, will be paid by the 
developer to the Trustee as services for the (Construction 
Mortgages or as Trustee for the Harlem Park Residential 
Construction Loan Program, as stipulated in the construc- 
tion loan agreement or agreements to be entered into by 
the City with an agent, or agents, for construction loan 
servicing of the Construction ^Mortgages. The Revenue Note 
and Bond Loan Program Revenues, in the case of financing 
for Mortgagors, will be paid by the ^Mortgagors to the mort- 
gage servicer or servicers for the Harlem Park Residential 
Mortgage Loan Program, as stipulated in the servicing 
agreement or agreements to be entered into by the City 
with a servicing agent or agents for the Unit ^Mortgages, 
and the Revenue Note and Bond Loan Program Revenues, 
less the servicing fee to be approved by the Board of 
Finance, shall be paid by such servicer to the Trustee. The 
transactions authorized hereby do not constitute a public 
improvement or a capital project within the meaning of any 
charter or statutory provision. The public purposes ex- 
pressed in this ordinance are intended to be achieved by 



ORDINANCES 1469 

providing residential low and moderate cost mortgage con- 
struction loans to the developer of the Harlem Park Resi- 
dential Development Program and residential low and 
moderate cost mortgage loans to the Mortgagors, each with- 
in Baltimore; preserving a healthy economy within Balti- 
more ; fostering a healthy market for residential real estate 
in Baltimore; fostering the purchase of residential real 
property in Baltimore and providing affordable housing 
within Baltimore, thus discouraging the movement of tax- 
payers to surrounding subdivisions. 

Sec. 2. And be it further ordained, That, the issuance, 
sale and delivery of not exceeding $3,000,000, aggregate 
principal amount of revenue notes, hereby designated 
"Single-Family Construction Mortgage Revenue Notes 
(Harlem Park Loan Program)", and the issuance, sale and 
delivery of not exceeding S3,700,000, aggregate principal 
amount of revenue bonds, hereby designated "Single- 
Family Mortgage Revenue Bonds (Harlem Park Loan Pro- 
gram)" are hereby authorized, subject to the provisions of 
this ordinance, the proceeds to be used to develop the Har- 
lem Park Residential Construction Loan Program and the 
Harlem Park Residential Mortgage Loan Program as a part 
of the Harlem Park Residential Development Program, all 
as set forth in this ordinance. In addition to the disburse- 
ment of Note and Bond proceeds for construction loans and 
mortgage loans under the Harlem Park Residential Con- 
struction Loan Program and the Harlem Park Residential 
Mortgage Loan Program, Note and Bond proceeds may be 
disbursed (without limitation) (i) with respect to construc- 
tion loans, to pay all costs of planning, development and 
construction of the owner-occupied residential units for the 
Harlem Park Residential Development Program including 
(without limitation) architect's and engineers' fees and 
expenses, commitment fees, title insurance and recordation 
fees and taxes, land costs, land development costs, interest 
during the construction period, construction materials and 
equipment, construction contracting services and payment 
and performance bonds, (ii) to pay the cost of issuance and 
sale of the Notes and Bonds, including (without limitation) 
costs of printing Notes and Bonds, the official statement and 
other legal documents, costs of delivery of the Notes and 
Bonds, commitment fees, legal fees, accounting fees, under- 



1470 ORDINANCES Ord. No. 476 

writing costs, advertising costs, costs of rating agency re- 
views and all other incidental related expenses and (iii) (to 
the extent provided by resolution of the Board of Finance 
adopted pursuant to this ordinance) to fund a debt service 
reserve or other reserve funds for the Notes and Bonds. 
The Notes and Bonds shall be solely and exclusively payable 
from the Revenue Note and Bond Loan Program Revenues 
and (to the extent provided by resolution of the Board of 
Finance adopted pursuant to this ordinance) certain Note 
and Bond proceeds. The Notes and Bonds shall be secured 
(to the extent provided by resolution of the Board of 
Finance adopted pursuant to this ordinance) by (without 
limitation) the Construction ^Mortgages and the Unit Mort- 
gages. The Board of Finance may require, however, that the 
Notes and Bonds be additionally secured by (i) insuring the 
Construction Mortgages and Unit ^Mortgages through pri- 
vate mortgage insurance provided by one or more private 
mortgage insurers selected by the Board of Finance; or 
(ii) insuring the Construction Mortgages and Unit Mort- 
gages through the Maryland Housing Fund or such Federal, 
State, or municipal fund or other agency permitted by 
applicable law to perform such insuring functions; or (iii) 
assigning the proceeds of the mortgage insurance to the 
Trustee for the Bondholders ; or (iv) such other security as 
the Board of Finance may approve; or (v) any combination 
of (i), (ii), (iii) and (iv). The aggregate principal amount 
of Notes issued, sold and delivered pursuant to this ordi- 
nance shall not exceed S3, 000, 000, and the aggregate princi- 
pal amount of the Bonds issued, sold and dehvered pursuant 
to this ordinance shall not exceed $3,700,000, unless such 
amount or amounts, in each case, shall be increased by an 
ordinance of the City supplemental hereto. The City con- 
templates that, because of inflation and other factors which 
may occur during the development and construction periods 
of the Project Area, the City will amend or supplement this 
ordinance from time to time to increase such amounts or 
otherwise to provide for matters affecting the Harlem Park 
Residential Development Program. Nothing in this ordi- 
nance is intended or shall be deemed to exclude the issuance 
of refunding bonds to refund all or a portion of the Notes 
or Bonds, and the adoption of a subsequent ordinance or 
ordinances for such purpose is expressly contemplated by 
this ordinance. 



ORDINANCES 1471 

In accordance with the Enabhng Laws, the City hereby 
authorizes the Board of Finance, unless the City shall other- 
wise prescribe prior to the issuance and delivery of the 
Notes or Bonds, by resolution to take the following actions 
and to make the following commitments on behalf of the 
City: 

(a) to determine and set forth the form, terms, pro- 
visions (including redemption provisions and sinking fund 
requirements, if any), manner or method of issuing and 
selling (including negotiated or competitive bid sale) and 
the time or times of issuance and any and all other details 
of the Notes and Bonds ; 

(b) to determine and set forth the form, terms and pro- 
visions of construction loan agreements, servicing agree- 
ments and all other construction and mortgage loan and 
all other documents in connection with the Notes and 
Bonds ; 

(c) to prepare and distribute, in conjunction with the 
prospective underwriters or placement agents, if any, for 
the Notes and Bonds, preliminary and final official state- 
ments or placement memoranda or circulars as the Board 
of Finance deems necessary and appropriate in connection 
with the sale of the Notes and Bonds; provided, however, 
that any such preliminary official statements or placement 
memoranda or circulars shall be clearly marked to indicate 
that they are subject to completion and amendment; 

(d) to determine the dates, times and places when an 
underwriting or placement agreement or purchase contract 
shall be submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 
Bonds, such underwriting or placement agreement or pur- 
chase contract to specify the interest rate or rates proposed 
to be paid on the Notes and Bonds, the price at which such 
Notes and Bonds are to be sold to such underwriters, place- 
ment agents or purchasers, and such other matters as the 
underwriters, placement agents or purchasers and the 
Board of Finance may deem necessary or desirable in order 
to effect the sale and delivery of the Notes and Bonds ; 

(e) to determine the interest rate or rates to be paid by 
the City on the Notes and Bonds in accordance with the 
proposed underwriting or placement agreement or purchase 



1472 ORDINANCES Ord. No. 476 

contract submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 
Bonds ; 

(f ) to appoint, as the Board of Finance deems necessary 
and appropriate, a bank having trust powers, or a trust 
company, as trustee for the Notes and Bonds to be issued 
pursuant to this ordinance ; and 

(g) to approve the form of trust agreements between 
the City and the Trustee, which trust agreements may (i) 
pledge or assign all or any part of the security of the Notes 
and Bonds, (ii) contain reasonable and proper provisions 
for the protection and enforcement of the rights and reme- 
dies of the Bondholders, (iii) set forth the rights and 
remedies of the Bondholders and the Trustee and may re- 
strict the individual right of action by the Bondholders, 
and (iv) contain whatever other provisions are deemed 
reasonable and proper for the security of the Bondholders. 

The Board of Finance shall perform any and all actions 
necessary or deemed appropriate by such Board in order to 
effect the issuance and sale of the Notes and Bonds in 
accordance with and pursuant to this ordinance and the 
underwriting or placement agreements or purchase con- 
tracts for the Notes and Bonds. 

The Notes and Bonds shall be dated as of the first day of 
the month next following the date on which the Notes and 
Bonds are sold unless the Board of Finance shall specify a 
different date by a resolution adopted pursuant to this ordi- 
nance, and the Notes and Bonds shall bear interest at an 
annual rate or rates payable semi-annually following the 
date of the Notes and Bonds so that, if the Notes and Bonds 
are dated October 1, 1981, interest on the Notes and Bonds 
will be payable on March 1, 1982 and semi-annually there- 
after each October 1 and March 1 unless the Board of 
Finance shall specify more frequent or different dates by a 
resolution adopted pursuant to this ordinance. 

The Notes and Bonds issued hereunder shall mature on 
the date or dates provided in a resolution of the Board of 
Finance adopted pursuant to this ordinance, but the last 
maturity of each series of Notes shall in no event exceed a 
period of five (5) years from the date of such series of 
Notes and the last maturity of each series of the Bonds 



ORDINANCES 1473 

shall in no event exceed a period of forty (40) years from 
the date of such series of Bonds. If the resolution of the 
Board of Finance does not provide any maturity or maturi- 
ties for the Notes, all of the Notes of a series shall mature 
on the date five (5) years from the date of such series of 
Notes. For example, if the Note is dated September 30, 
1981, all of the Notes of such series will mature (in the 
absence of a resolution of the Board of Finance determining 
otherwise) on September 30, 1986. If the resolution of the 
Board of Finance does not provide any maturity or maturi- 
ties for the Bonds, all of the Bonds of a series shall mature 
on the date thirty-two (32) years from the date of such 
series of the Bonds. For example, if the Bond is dated Sep- 
tember 30, 1981, all the Bonds of such series will mature 
(in the absence of a resolution of the Board of Finance 
determining otherwise) on September 30, 2013. 

Sec. 3. And be it further ordained, That, prior to the sale 
of the Notes and Bonds, the Board of Finance, unless the 
City shall otherwise prescribe, may determine by resolu- 
tion: 

(1) the provisions of trust between the City and the 
Trustee ; 

(2) the manner of execution, authentication, registra- 
tion and transfer of the Notes and Bonds ; 

(3) provisions for authentication and delivery of the 
Notes and Bonds ; 

(4) the provisions of the Harlem Park Residential Con- 
struction Loan Program and of the Harlem Park Residen- 
tial Mortgage Loan Program, including (i) the terms of the 
construction loans and of the Construction Mortgages ac- 
quired under the Harlem Park Residential Construction 
Loan Program, (ii) the terms of the mortgage loans and of 
the Unit Mortgages acquired under the Harlem Park Resi- 
dential Mortgage Loan Program, and (iii) the terms of any 
servicing agreement between the City and a mortgage ser- 
vicer for the Construction Mortgages and the Unit Mort- 
gages; 

(5) the terms of the private insurance, public insurance 
or other security for the Notes and Bonds ; 



1474 ORDINANCES Ord. No. 476 

(6) provisions for creation, holding and disbursement 
of a construction loan and a program fund to be held by 
the Trustee ; 

(7) provisions for creation, holding and disbursement 
of any other funds and accounts to be held by the Trustee; 

(8) provisions for the application of the Revenue Note 
and Bond Loan Program Revenues ; 

(9) provisions for the security for and investment of 
moneys held by the Trustee ; 

(10) the details of the procedure for the redemption of 
the Notes and Bonds ; 

(11) remedies for Bondholders in the event of default; 

(12) the duties, rights and immunities of the Trustee; 

(13) the manner of execution of instruments by Bond- 
holders and the method of proof of ownership of the Notes 
and Bonds ; 

(14) provisions for m.odification of this ordinance; 

(15) provisions for defeasance of the Notes and Bonds; 

(16) the forms of the Notes and Bonds, coupons and the 
Trustee's authentication certificate ; and 

(17) such other matters in connection with the authori- 
zation, issuance, security, sale and payment of the Notes and 
Bonds as may be deemed appropriate by the Board of 
Finance. 

Any resolution or resolutions adopted pursuant to this 
ordinance shall be deemed to be of an administrative nature. 

Sec 4. And be it further ordained, That, the Board of 
Finance may approve the issuance of the Notes and Bonds 
in one or more series from time to time as the Board of 
Finance by resolution adopted pursuant to this ordinance 
deems necessary or appropriate in connection with the 
schedule, as amended from time to time, of the Harlem Park 
Residential Development Program. It is hereby declared 
that singular terms shall include the plural and plural the 
singular so that each provision of this ordinance shall apply 
to each series of Notes and Bonds. 



ORDINANCES 1475 

Sec. 5. And be it further ordained, That Mayor and City 
Council may amend this ordinance from time to time as 
necessary and appropriate to increase the authorization for 
revenue notes and revenue bonds for the Harlem Park Resi- 
dential Development Program for increased costs or other 
changes in the Harlem Park Residential Development Pro- 
gram for the Project areas, or otherwise. 

Sec. 6. And he it further ordained, That, if any action or 
any matter delegated to the Board of Finance, or authorized 
for implementation by the Board of Finance, shall not be 
acted upon by the Board of Finance, such actions and mat- 
ters may be acted upon or implemented by a resolution 
approved by the City Council of the City, which is subse- 
quently approved by the Mayor or acting Mayor of the City. 

Sec. 7. And be it further ordained, That, the provisions 
of the ordinance are severable, and if any provision, sen- 
tence, clause, section or part thereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or circum- 
stances, such illegality, invalidity or unconstitutionality, or 
inapplicability shall not affect or impair any of the remain- 
ing provisions, sentences, clauses, sections, or parts of this 
ordinance or its applications to other persons or circum- 
stances. It is hereby declared to be the legislative intent 
that this ordinance would have been adopted if such illegal, 
invalid or unconstitional provision, sentence, clause, section 
or part had not been included therein, and if the person or 
circumstances to which this ordinance or any part thereof 
is inapplicable had been specifically exempted therefrom. 

Sec. 8. And be it further ordained, That, this ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



1476 ORDINANCES Ord. No. 477 

No. 477 
(Council No. 853) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 

OXFORD— GREENSPRING 

ASSOCIATES 

FOR the purpose of authorizing and empowering Mayor and 
City Council of Baltimore to issue and sell, at any time or 
from time to time and in one or more series, as limited 
obligations of the City and not upon its full faith and 
credit, its industrial development revenue bonds, in the 
aggregate principal amount not to exceed $6,250,000, pur- 
suant to the provisions of Sub-section (50) of Article II 
of the Charter of Baltimore City (1964 Revision, as 
amended) , for the sole and exclusive purpose of financing 
the costs, charges, fees and expenses in connection with 
the acquisition by Oxford — Greenspring Associates of cer- 
tain real property in Baltimore City together with any im- 
provements located thereon, and the construction, recon- 
struction, renovation, and/or rehabilitation of improve- 
ments which will be owned by Oxford — Greenspring As- 
sociates and used as rental dwelling units, and to provide 
long term financing of the land and improvements; au- 
thorizing the Mayor of the City, on behalf of the City, to 
accept the letter of intent dated October 12, 1981, from 
Oxford — Greenspring Associates to the City, making cer- 
tain legislative findings ; authorizing and empowering the 
Board of Finance of the City, by a resolution or resolu- 
tions adopted prior to the issuance, sale and delivery of 
any series of such bonds, to (a) prescribe, among other 
things but not limited to, the form, terms, provisions, 
manner or method of issuing and selling (including nego- 
tiated as well as competitive bid sale), and the time or 
times of issuance, and any and all other details of such 
bonds, and (b) do any and all things necessary, proper or 
expedient in connection with the issuance and sale of such 
bonds ; providing that Oxford — Greenspring Associates 
shall agree to submit any plans and specifications to, and 
to coordinate with, the Department of Housing and Com- 
munity Development in connection with the completion of 
such project; providing that such bonds (or anticipation 



ORDINANCES 1477 

notes issued in anticipation of the issuance of such bonds) 
must be issued and sold within six months from the date 
this Ordinance is approved by the Mayor, unless the 
Board of Finance approves one six month extension as 
provided in this Ordinance; authorizing the issuance of 
notes in anticipation of the issuance of such revenue 
bonds; generally providing for and determining various 
matters and details in connection with the issuance and 
sale of such bonds and bond anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Baltimore 
City (1964 Revision, as amended) (the ''Enabling Law") , 
empowers the Mayor and City Council of Baltimore (the 
*'City") to borrow money to finance undertakings for the 
accomplishment of any of the purposes, objects and 
powers of the City and in connection therewith to issue 
bonds, notes, or other obligations (including refunding 
bonds, notes or other obligations), all of which shall be 
fully negotiable, payable, as to both principal and inter- 
est, solely from and secured solely by a pledge of (I) the 
revenues from or arising in connection with the property, 
facilities, developments and improvements whose financ- 
ing is undertaken by the issuance of such bonds, notes or 
other obligations, (II) the revenues from or arising in 
connection with any contracts, mortgages or other secu- 
rities purchased or otherwise acquired with the proceeds 
of such bonds, notes or other obligations, (III) the con- 
tracts, mortgages or other securities purchased or other- 
wise acquired with the proceeds of such bonds, notes or 
other obligations, or (IV) any combination of (I), (II) 
or (III). The purposes, objects and powers of the City 
contemplated by the Enabling Law includes the relief of 
conditions of unemplojanent in Baltimore City, encourag- 
ing the increase of industry and a balanced economy in 
Baltimore City, promoting economic development in Balti- 
more City, and promoting the health, welfare safety of 
the residents of Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the "Letter of Intent") from Oxford— Green- 
spring Associates (the "Borrower"), pursuant to which 
the Borrower has requested the City to participate in the 
financing of the costs of the acquisition and/or develop- 



1478 ORDINANCES Ord. No. 477 

ment by the Borrower of a certain project in Baltimore 
City, Maryland (the ''Project") , by issuing and selling the 
City's industrial development revenue bonds in the ag- 
gregate principal amount not to exceed $6,250,000, (the 
''Bonds") , and by making the proceeds of the Bonds avail- 
able to the Borrower to be used by the Borrower for the 
sole and exclusive purpose of financing the costs of the 
acquisition and/or development of the Project by the 
Borrower. 

The Project, which is an ''undertaking" which will ac- 
complish the purposes, objects and powers of the City as 
mentioned in the Enabling Law, will consist generally of 
(a) the acquisition by the Borrower of certain real prop- 
erty located at Greenspring and Grantley Avenues in the 
Park Heights Urban Renewal Area for use as rental 
dwellings, (b) the renovation, rehabilitation, construc- 
tion, and/or reconstruction of any existing improvements 
which will be owned and operated by the Borrower, and 
(c) the long term financing of the land and improve- 
ments. The Borrower anticipates that the units will be 
leased to various tenants w^hose identities are unknown at 
this time. 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
"Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing and 
selling (including negotiated as well as competitive bid 
sale) , and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale 
thereof, and to do any and all things necessary, proper or 
expedient in connection with the issuance and sale of the 
Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That acting pursuant to the Enabling Law, it 
is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City pur- 
suant to the Enabling Law in order to make the proceeds 
thereof available to the Borrower for the sole and exclusive 



ORDINANCES 1479 

purpose of financing the cost of acquisition and/or develop- 
ment of the Project will facilitate and expedite the acquisi- 
tion and/or development of the Project by the Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such ac- 
quisition and/ or development as provided in this ordinance 
will serve to promote the general purposes contemplated by 
the Enabling Law (a) sustaining jobs and employment in 
Baltimore City; (b) promoting economic development in 
Baltimore City; and (c) encouraging the increase of indus- 
try and a balanced economy in Baltimore City. 

(3) Any and all of the Bonds shall not be general obli- 
gations of the City and shall not be a pledge of or involve 
the faith and credit or the taxing power of the City, and 
shall not constitute a debt of the City, all within the mean- 
ing of Section 7 of Article XI of the Constitution of Mary- 
land or within the meaning of any other constitutional, sta- 
tutory or charter provision limiting or restricting the sale 
or issuance of bonds, notes or other obligations of the City. 
All of the Bonds shall be limited obligations of the City, and 
shall be fully negotiable, payable, as to both principal and 
interest, solely from and secured solely by a pledge of (I) 
the revenues from or arising in connection with the Project, 
(II) the revenues from or arising in connection with any 
contracts, mortgages or other securities purchased or other- 
wise acquired with the proceeds of the Bonds, (III) the con- 
tracts, mortgages or other securities purchased or otherwise 
acquired with the proceeds of the Bonds, or (IV) any com- 
bination of (I), (II) or (III), all as the Board may approve 
by a resolution or resolutions adopted prior to the issuance, 
sale and delivery of any of the Bonds. 

Sec. 2. A7id be it further ordained, That the City is hereby 
authorized and empowered to issue and sell, at any time or 
from time to time and in one or more series, as limited obli- 
gations of the City and not upon its full faith and credit, its 
industrial development revenue bonds, in the aggregate 
principal amount not to exceed $6,250,000, subject to the 
provisions of this Ordinance. The proceeds of the Bonds will 
be made available to the Borrower under terms and condi- 
tions approved by the Board and set forth in a Resolution, 
and used by the Borrower for the sole and exclusive pur- 



1480 ORDINANCES Ord. No. 477 

pose of financing the costs of the acquisition and/or develop- 
ment of the Project. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept the 
Letter of Intent on behalf of the City in order to further 
evidence the present intent of the City to issue the Bonds in 
accordance with the terms and provisions of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted by 
the Enabling Law, the Board is hereby authorized and em- 
powered, by a resolution or resolutions adopted prior to the 
issuance, sale and delivery of any of the Bonds, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of the Bonds and the issuance and sale thereof : 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
(ii) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such pro- 
visions in any such trust agreement or similar agreement 
as the Board may deem reasonable and proper for the secu- 
rity of the holders of the Bonds ; 

(c) approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the Bor- 
rower to finance the costs of the acquisition and/or develop- 
ment of the Project; and 

(d) do any and all things necessary, proper or expedient 
in connection with the issuance, sale and delivery of the 
Bonds. 

Sec. 5. And be it further ordained. That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a debt 



ORDINANCES 1481 

of the City, all within the meaning of Section 7 of Article 
XI of the Constitution of Maryland or any other constitu- 
tional, statutory or charter provision limiting or restricting 
the sale or issuance of bonds, notes or other obligations of 
the City, and shall be fully negotiable, payable, as to both 
principal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connection 
with the Project, (ii) the revenues from or arising in con- 
nection with any contracts, mortgages or other securities 
purchased or otherwise acquired with the proceeds of the 
Bonds, (III) the contracts, mortgages or other securities 
purchased or otherwise acquired with the proceeds of the 
Bonds, or (IV) any combination of (I), (II) or (III), all 
as the Board may approve by a resolution or resolutions 
adopted prior to the issuance, sale and delivery of any of 
the Bonds. 

Sec. 6. And be it further ordained, That the Borrower 
shall agree that : 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community De- 
velopment for approval, and that the Department of Hous- 
ing and Community Development may refuse approval of 
any plans and specifications for aesthetic or functional 
reasons ; and 

(b) it and its developers will work with the design ad- 
visory group appointed by the Department of Housing and 
Community Development in order to achieve high quality 
site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and on 
its behalf by the Mayor of the City, by his manual or fac- 
simile signature, and by the Director of Finance of the City, 
by his manual or facsimile signature, and the corporate seal 
of the City or a facsimile thereof shall be impressed or 
otherwise reproduced thereon and attested by the Custodian 
or Alternate Custodian of the City Seal, by his/her manual 
signature. Any trust agreement or other documents as the 
Board shall deem necessary to effectuate the issuance, sale 
and delivery of the Bonds shall be executed in the name of 
the City and on its behalf by the Mayor of the City by his 



1482 ORDINANCES Ord. No. 477 

manual or facsimile sigiiature, and the corporate seal of the 
City and on its behalf by the Mayor of the City by his 
manual or facsimile signature, and the corporate seal of the 
Seal or a facsimile there shall be impressed or otherwise re- 
produced thereon an attested by the Custodian or Alternate 
Custodian of the City Seal by his her manual signature. In 
case any officer whose signature or a facsimile of whose sig- 
natiu'e shall appear on the Bonds or any of the aforesaid 
documents shall cease to be such officer before the delivery 
of the Bonds or any of the other aforesaid documents, such 
signatures or such facsimile shall nevertheless be valid and 
sufficient for all purposes, the same as if such officer had 
remained in office until delivery. The ]\Iayor of the City, the 
Director of Finance of the city, the Custodian and the Alter- 
nate Custodian of the City Seal and other officials of the 
City are hereby authorized and empowered to do all such 
acts and things and execute such documents and certificates 
as the Board may determine by resolution to be necessary to 
carry out and comply with the provisions hereof. 

Sec. 8. And be it further ordained, That any and all 
necessary financing statements required for the consumma- 
tion of the transactions authorized by this Ordinance may 
be executed on behalf of the City by the Mayor of the City 
or by such other appropriate official of the City as may be 
designated by the Mayor of the City to execute such financ- 
ing statements. 

Sec. 9. And be it further ordained. That the authority to 
issue the Bonds is intended and shall be deemed to include 
the authority to issue bond anticipation notes pursuant to 
Section 12 of Article 31 of the Annotated Code of Maryland 
(1976 Replacement Volume and 1980 Cumulative Supple- 
ment), as amended (the ''Bond Anticipation Note Enabling 
Legislation"). Reference in this Ordinance to the ''Bonds'* 
shall include such bond anticipation notes where appropri- 
ate. Prior to the issuance, sale and delivery of any series of 
bond anticipation notes, the Board shall adopt a resolution 
or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 



ORDINANCES 1483 

other details of such bond anticipation notes and the issu- 
ance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agreement, 
as provided in the Enabling Law, and (iii) such provisions 
in any such trust agreement or similar agreement as the 
Board may deem reasonable and proper for the security of 
the holders of such bond anticipation notes ; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document to 
be executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of such bond anticipation notes will be made 
available to the Borrower to finance the costs of the acquisi- 
tion and/or development of the Project; and 

(d) do any and all things necessary, proper or expedient 
in connection with the issuance, sale and delivery of such 
bond anticipation notes. In accordance with the Bond An- 
ticipation Note Enabling Legislation, the City hereby cove- 
nants to pay any bond anticipation notes issued pursuant to 
this Section of this Ordinance and the interest thereon from 
the proceeds of the Bonds in anticipation of the sale of 
which such notes are issued, and the City hereby further 
covenants to issue such Bonds, as the case may be, when, as 
soon as, the reason for deferring the issuance of the Bonds 
no longer exists. The timely issuance of such Bonds, how- 
ever, is dependent upon matters not within the control of 
the City, including (without limitation) the existence of a 
purchaser or purchasers for such Bonds at the time the 
reason for deferring the issuance of the Bonds no longer 
exists and the effectiveness of various actions taken by the 
Borrower, its officers, agents and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid or 
unconstitutional or inapplicable to any person or circum- 
stances, such illegality, invalidity or unconstitutionality, or 
inapplicability shall not affect or impair any of the remain- 
ing provisions, sentences, clauses, sections, or parts of this 
Ordinance or their application to other persons or circum- 



1484 ORDINANCES Ord. No. 477 

stances. It is hereby declared to be the legislative intent that 
this Ordinance would have been passed if such illegal, in- 
valid or unconstitutional provision, sentence, clause, section 
or part had not been included herein, as if the person or 
circumstances to which this Ordinance or any part hereof 
are inapplicable had been specifically exempted herefrom. 

Sec. 11. And be it further ordained, That either the bonds 
or bond anticipation notes issued pursuant to Section 9 of 
this Ordinance in anticipation of the issuance of the Bonds 
must be issued and sold within six months from the date 
on which this Ordinance is approved by the Mayor of the 
City ; provided, however, that the Board, after a showing of 
good cause at a public hearing held before the Board prior 
to or after the expiration of such six month period, may ex- 
tend the period during which either the Bonds or such bond 
anticipation notes may be issued and sold for one additional 
term not to exceed six months from the date on which the 
first six month period expired. The Board, in its sole discre- 
tion, and without action by the City Council, shall deter- 
mine the sufficiency, or lack thereof, of the reasons pre- 
sented for any requested extension of the six month period. 
To the extent that neither the Bonds or such bond anticipa- 
tion notes are issued and sold within twelve months from 
the date on which this Ordinance is approved by the Mayor 
of the City, the authority provided in this Ordinance for the 
City to issue and sell the Bonds and such bond anticipation 
notes shall expire. 

Sec. 12. And he it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



ORDINANCES 1485 

No. 478 
(Council No. 855) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
FEDERATED HOTEL CORPORATION PROJECT 

FOR the purpose of authorizing and empowering Mayor and 
City Council of Baltimore to issue, sell and deliver, at any 
time or from time to time, and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, to 
be designated "Baltimore City, Maryland, Industrial De- 
velopment Revenue Bonds (Federated Hotel Corporation 
Project)", in the aggregate principal amount not to ex- 
ceed $10,000,000, pursuant to the provisions of Sub- 
section (50) of Article II of the Charter of Baltimore City 
(1964 Revision), as amended, for the sole and exclusive 
purpose of financing the costs, charges, fees and expenses 
in connection v^ith (a) the remodeling and modernization 
of the Lord Baltimore Hotel in Baltimore City, (b) the 
acquisition and installation of captial improvements, 
equipment and furnishings, and (c) such other improve- 
ments, utilities and site v^ork as may be advisable to 
realize the benefits hereof; authorizing the Mayor of the 
City to accept, on behalf of the City, the letter of intent 
of Federated Hotel Corporation to the City dated October 
12, 1981; making certain legislative findings; authorizing 
and empowering the Board of Finance of the City, prior 
to the issuance, sale and delivery of such bonds, to adopt 
a resolution pursuant to which the Board of Finance shall 
(a) prescribe, among other things, but not limited to, the 
form, terms, provisions, manner or method of issuing and 
selling, and the time or times of issuance, and any and all 
other details of such bonds, and (b) do any and all things 
necessary, proper or expedient in connection with the 
issuance and sale of such bonds; authorizing the private 
(negotiated) sale of such bonds; providing that Fed- 
erated Hotel Corporation shall agree to submit any plans 
and specifications to, and to coordinate v^ith, the Depart- 
ment of Housing and Community Development in connec- 
tion with the acquisition of such real property and the 



1486 ORDINANCES Ord. No. 478 

renovation of the existing improvements located thereon ; 
providing that, except under certain circumstances, if 
such bonds are not issued and sold within one year after 
the date on which this Ordinance is approved by the 
Mayor of the City, the authorization provided in this 
Ordinance for the City to issue and sell such bonds shall 
expire ; and generally providing for and determining vari- 
ous matters and details in connection with the authoriza- 
tion, issuance, security, sale and payment of such bonds. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision), as amended (the "Enabling 
Law"), empowers Mayor and City Council of Baltimore 
(the "City") to issue revenue bonds and to use the pro- 
ceeds of the sale of such revenue bonds to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City. Some of the general objec- 
tives of the City, contemplated by the Enabling Law, in- 
clude the relief of conditions of unemployment in Balti- 
more City, encouraging the increase of industry and a 
balanced economy in Baltimore City, promoting economic 
development in Baltimore City, and promoting the health, 
welfare and safety of the residents of Baltimore City. 

The City has received a letter of intent dated October 
12, 1981 (the "Letter of Intent") from Federated Hotel 
Corporation, a Maryland corporation (the "Borrower"), 
pursuant to which the Borrower has requested the City to 
participate in the financing of the costs, charges, fees and 
expenses in connection with the modernization by the 
Borrower of certain real property and improvements 
located in Baltimore City known as the Lord Baltimore 
Hotel, the acquisition and installation of capital improve- 
ments, equipment, and furnishings, and such other im- 
provements, utilities and site work as may be advisable 

(the "Project") , by issuing and selling industrial develop- 
ment revenue bonds of the City in the aggregate principal 

amount not to exceed $10,000,000 and by loaning the pro- 
ceeds of the revenue bonds to the Borrower, upon the 
terms and conditions of a loan agreement to be entered 
into between the City and the Borrower (the "Loan 



ORDINANCES 1487 

Agreement"), as permitted by the Enabling Law (such 
loan being herein referred to as the **Loan") . 

The Loan Agreement will require the Borrower (a) to 
use the proceeds of the revenue bonds solely to finance the 
completion of the Project, and (b) to make Loan pay- 
ments which will be sufficient to enable the City to pay 
the principal of, and interest and premium, if any, on the 
revenue bonds when and as the same shall become due 
and payable. 

As security for the revenue bonds, the City will enter 
into either (a) a trust agreement (the 'Trust Agree- 
ment") with a corporate trustee (the ^Trustee") to be 
appointed by the Board of Finance of the City (the 
"Board") or (b) an Assignment and Security Agreement 
(the "Assignment") with the original purchaser of the 
revenue bonds (the "Original Purchaser"), and a trustee 
(which may be the Original Purchaser) (the "Project 
Fund Trustee") . Pursuant to the Trust Agreement or the 
Assignment, the City will assign to the Trustee or, if the 
Assignment is entered into, the Original Purchaser, its 
successors and assigns, (among other things) (a) all of 
the City's right, title and interest in and to and remedies 
under the Loan Agreement, including (without limita- 
tion) any and all security referred to therein, excepting 
only the right of the City to indemnification by the Bor- 
rower and to payments to the City for expenses incurred 
by the City itself, (b) the receipts and revenues of the 
City from the Loan, (c) certain moneys which are at any 
time or from time to time on deposit with the Trustee or 
the Project Fund Trustee, (d) all right, title and interest 
in and to and remedies with respect to any and all other 
property of every description and nature from time to 
time by delivery or by writing of any kind conveyed, 
pledged, assigned or transferred, as and for additional 
security for the revenue bonds, by the City or by anyone 
on its behalf or with its written consent, to the Trustee, 
or, if the Assignment is entered into, the Original Pur- 
chaser, its successors or assigns, and (e) all of the City's 
right, title and interest in and to and remedies under such 
other documents, including (without limitation) mort- 
gages, deeds of trust, guaranties and security instru- 
ments, as the Board shall deem necessary to effectuate the 



1488 ORDINANCES Ord. No. 478 

issuance, sale and delivery of the revenue bonds and 
which the Board shall approve by a resolution or resolu- 
tions (the "Resolution") to be adopted by the Board prior 
to the issuance, sale and delivery of any of the revenue 
bonds. If the Board finds and determines, pursuant to the 
Resolution, that the Project will be completed on or before 
the date of delivery of the revenue bonds, the Board may 
provide in the Resolution that (a) the Project Fund 
Trustee is not necessary, and (b) if the Assignment is 
entered into, the City will enter into the Assignment with 
only the original purchaser of the revenue bonds. 

The revenue bonds will be sold at a private (negotiated) 
sale. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW : 

Section 1. Be it ordained by the Mayor and City Council 
of Baltimore, That acting pursuant to the Enabling Law, it 
is hereby found and determined as follows : 

(1) The issuance and sale of the revenue bonds by the 
City pursuant to the Enabling Law in order to lend the pro- 
ceeds thereof to the Borrower for the sole and exclusive 
purpose of financing the costs of the Project will facilitate 
and expedite the completion of the Project by the Borrower. 

(2) The completion of the Project by the Borrower and 
the financing thereof as provided in this Ordinance will 
serve to promote the general purposes contemplated by the 
Enabling Law by (a) sustaining jobs and employment in 
Baltimore City; (b) promoting economic development in 
Baltimore City; and (c) encouraging the increase of indus- 
try and a balanced economy in Baltimore City, and (d) in- 
creasing the tax base of the City. 

(3) Neither the revenue bonds nor the interest thereon 
shall ever constitute a pledge of or involve the faith and 
credit or the taxing power of the City, and neither shall ever 
constitute a debt of the City within the meaning of Section 7 
of Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or re- 
stricting the sale or issuance of bonds, notes or other obliga- 
tions of the City, and neither shall ever constitute or give 



ORDINANCES 1489 

rise to any pecuniary liability of the City. The revenue bonds 
and the interest thereon shall be limited obligations of the 
City, repayable by the City solely from the revenue derived 
from Loan repayments (both principal and interest) made 
to the City by the Borrower on account of the Loan and from 
any other moneys made available to the City for such pur- 
pose. The proceeds of the revenue bonds will be paid directly 
to the Trustee or the Project Fund Trustee to be held and 
disbursed by the Trustee as provided in the Trust Agree- 
ment or by the Project Fund Trustee as provided in the 
Assignment to be approved by the Board in the Resolution, 
provided, however, that if the Board finds and determines, 
pursuant to the Resolution, that the Project will be com- 
pleted on or before the date of delivery of the revenue bonds, 
the Board may provide in the Resolution that the proceeds 
of the revenue bonds will be paid directly to the Borrower, 
or for the account of the Borrower, to be used by the Bor- 
rower to pay the costs of, or to reimburse the Borrower for 
the payment of the costs of, the completion of the Project, as 
provided in the Assignment to be approved by the Board in 
the Resolution. Payments of the principal of and premium 
(if any) and interest on the Loan will be paid by the Bor- 
rower directly to the Trustee as provided in the Trust 
Agreement or to the Original Purchaser, its successors and 
assigns, as provided in the Assignment, to be approved by 
the Board in the Resolution. No such moneys will be com- 
mingled with the City's funds or will be subject to the abso- 
lute control of the City, but will be subject only to such 
limited supervision and checks as are deemed necessary or 
desirable by the City to insure that the proceeds of the rev- 
enue bonds are used to accomplish the public purposes of the 
Enabling Law and this Ordinance. The loan form of trans- 
action authorized hereunder shall in no event constitute a 
capital project within the meaning of any charter or statu- 
tory provision. The public purposes expressed in the Enabl- 
ing Law are to be achieved by facilitating the completion of 
the Project by the Borrower. 

(4) The City will acquire no interest in the Project 
other than (a) any general interest in the Borrower's prop- 
erty shared by all holders of the Borrower's obligations 
which rank and are secured equally with the Borrower's ob- 
ligations pursuant to the Loan Agreement, (b) any lien and 



1490 ORDINANCES Ord. No. 478 

security interest created by the Loan Agreement, and (c) 
any interest created by any other mortgage or deed of trust 
or other security instrument executed and delivered by the 
Borrower or any third party as security for the Loan or the 
revenue bonds as the Board may provide for and approve in 
the Resolution. The security for the revenue bonds shall be 
solely and exclusively (a) the absolute, irrevocable and un- 
conditional obligations of the Borrower to make the pay- 
ments required by the Loan Agreement, (b) moneys realized 
from the liquidation of any lien and security interest created 
by the Loan Agreement and of any other lien or security 
interest created with respect to any property as security for 
the Loan or the revenue bonds as the Board may provide for 
and approve in the Resolution, and (c) moneys realized 
from any guaranty of the revenue bonds or of the Loan as 
the Board may provide for and approve in the Resolution. 

(5) The best interests of the City will be served by sell- 
ing the revenue bonds at private (negotiated) sale, as 
authorized by the Enabling Law, upon terms and conditions 
approved by the Board in the Resolution. 

Sec. 2. And be it further ordained, That the City is hereby 
authorized and empowered to issue, sell and deliver, at any 
time, or from time to time, and in one or more series, and 
as limited obligations of the City and not upon its full faith 
and credit, its Baltimore City, Maryland Industrial Develop- 
ment Revenue Bonds (Federated Hotel Corporation Pro- 
ject), in the aggregate principal amount not to exceed 
$10,000,000 (the ^'Bonds''), subject to the provisions of 
this Ordinance. The proceeds of the Bonds will be loaned to 
the Borrower pursuant to the terms and provisions of the 
Loan Agreement, to be used by the Borrower for the sole 
and exclusive purpose of financing the costs, charges, fees, 
and expenses in connection with the completion of the 
Project. The Bonds and the interest thereon shall be limited 
obligations of the City, repayable by the City solely from 
the revenue derived from Loan repayments (both principal 
and interest) made to the City by the Borrower pursuant 
to the Loan Agreement and from any other moneys made 
available to the City for such purpose. The security for the 
Bonds shall be solely and exclusively as provided in Section 
1 of this Ordinance. 



ORDINANCES 1491 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the commitment of the City to issue the Bonds, 
and the Mayor of the City is hereby authorized to accept the 
Letter of Intent on behalf of the City in order to further 
evidence the commitment of the City to issue the Bonds in 
accordance with the terms and provisions of this Ordinance. 

Sec. 4. And be it further ordained, That each of the Bonds 
shall bear the descriptive title "Baltimore City, Maryland 
Industrial Development Revenue Bonds (Federated Hotel 
Corporation Project)", provided, that the descriptive title 
may contain such other descriptive information as the 
Board may prescribe in the Resolution (e.g. "1981 Series" 
or "1982 Series"). The Bonds shall bear interest at the rate 
or rates of interest to be determined by negotiation with 
the orginial purchaser or purchasers of the Bonds and to be 
approved and prescribed by the Board in the Resolution. 

Sec. 5. And be it further ordained, That the definitive 
Bonds, which may be engraved, printed or typewritten, in- 
cluding any Trustee's Certificate of Authentication to be 
endorsed thereon if the Trust Agreement is entered into, 
shall be in such form, not inconsistent with the Enabling 
Law and the provisions of this Ordinance, as the Board may 
approve in the Resolution. 

Sec. 6. And be it further ordained, That the Bonds shall 
be executed in the name of the City and on its behalf by the 
Mayor of the City, by his manual or facsimile signature, and 
by the Director of Finance of the City, by his manual or 
facsimile signature, and the corporate seal of the City or a 
facsimile thereof shall be impressed or otherwise repro- 
duced thereon and attested by the Custodian of the City 
Seal, by his manual signature. The Loan Agreement, the 
Trust Agreement or the Assignment and, where applicable, 
all other documents as the Board shall deem necessary to 
effectuate the issuance, sale and delivery of the Bonds, shall 
be executed in the name of the City and on its behalf by 
the Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City or a facsimile thereof 
shall be impressed or otherwise reproduced thereon and 
attested by the Custodian of the City Seal by his manual 
signature. In case any officer whose signature or a facsimile 



1492 ORDINANCES Ord. No. 478 

of whose signature shall appear on the Bonds or any of the 
aforesaid documents shall cease to be such officer before the 
delivery of the Bonds or any of the other aforesaid docu- 
ments, such signature or such facsimile shall nevertheless 
be valid and sufficient for all purposes, the same as if such 
officer had remained in office until delivery. The Mayor of 
the City, the Director of Finance of the City, the Custodian 
of the City Seal and other officials of the City, are hereby 
authorized and empowered to do all such acts and things 
and execute such documents and certificates as the Board 
may determine in the Resolution to be necessary to carry 
out and comply with the provisions hereof. 

Sec. 7. And be it further ordained, That the Bonds shall 
be executed, issued and delivered at any time, or from time 
to time and in one or more series and in such amount or 
amounts not exceeding, in the aggregate, the principal 
amount of $10,000,000, as the Board shall prescribe in the 
Resolution. 

Sec. 8. And be it further ordained, That the Bonds shall 
be dated, shall be in such denominations, shall be of such 
form and tenor, and shall be payable in such amounts, at 
such times and at such place or places as the Board shall 
prescribe in the Resolution. 

Sec. 9. And be it further ordained, That the Bonds may 
be subject to redemption prior to their stated maturities 
upon such terms and conditions as the Board shall prescribe 
in the Resolution. 

Sec. 10. And be it further ordained, That prior to the 
issuance, sale and delivery of the Bonds, the Board shall 
adopt the Resolution pursuant to which Board shall : 

(a) prescribe the form, tenor, terms and conditions of 
and security for the Bonds ; 

(b) prescribe the actual amounts, rate or rates of interest 
(or the method of determining the same), denominations, 
date, actual maturity or maturities, and the place or places 
of payment of the Bonds, and the terms and conditions and 
details under which the Bonds may be called for redemption 
prior to their stated maturities ; 



ORDINANCES 1493 

(c) if a Trust Agreement is entered into, appoint a bank 
having trust powers, or a trust company, as Trustee for the 
Bonds and, if necessary, appoint a paying agent or agents 
for the Bonds, which may be the Trustee ; 

(d) approve the form and contents, and authorize the 
execution and delivery (where applicable) of (i) the Loan 
Agreement, (ii) the Trust Agreement or the Assignment, 
(iii) such other documents, including (without limitation) 
mortgages, deeds of trust, guaranties and security instru- 
ments as the Board shall deem necessary to approve in order 
to effectuate the issuance, sale and delivery of the Bonds; 

(e) determine the time of execution, issuance, sale and 
delivery of the Bonds and prescribe any and all other details 
of the Bonds ; 

(f ) provide for the direct payment by the Borrower of all 
costs, fees and expenses incurred by or on behalf of the City 
in connection with the issuance, sale and delivery of the 
Bonds, including (without limitation) costs of printing (if 
any) and issuing the Bonds, legal expenses and compensa- 
tion to any person (other than full time employees of the 
City) performing services by or on behalf of the City in 
connection therewith ; 

(g) if the Trust Agreement is entered into, provide for 
the issuance and sale (subject to the passage of an appro- 
priate ordinance authorizing the same as may be required 
at the time) of one or more series of additional bonds and 
one or more series of refunding bonds ; and 

(h) do any and all things, and authorize the officials of 
the City to do any and all things, necessary, proper or 
expedient in connection with the issuance, sale and delivery 
of the Bonds. 

Sec. 11. And he it further ordained, That the Lroan Agree- 
ment and the Trust Agreement or the Assignment shall 
contain such terms, provisions and conditions, not consistent 
with the Enabling Law and the provisions of this Ordinance, 
as the Board shall approve in the Resolution. 

Sec. 12. And be it further ordained, That as authorized 
by the Enabling Law, the Bonds shall be sold at private 



1494 ORDINANCES Ord. No. 478 

(negotiated) sale upon such terms and conditions as shall 
be approved by the Board in the Resolution. 

Sec. 13. And be it further ordained, That neither the 
Bonds nor the interest thereon shall ever constitute a pledge 
of or involve the faith and credit or the taxing power of the 
City, and neither shall ever constitute a debt of the City 
within the meaning of Section 7 of Article XI of the Consti- 
tution of Maryland or other constitutional, statutory or 
charter provisions limiting or restricting the sale or issuance 
of bonds, notes or other obligations of the City, and neither 
shall ever constitute or give rise to any pecuniary liability 
of the City. The Bonds, and the interest thereon, shall be 
limited obligations of the City, the principal of and interest 
on which Bonds shall be payable by the City solely from the 
revenue derived from Loan repayments (both principal and 
interest) made to the City by the Borrower on account of 
the Loan and, to the extent provided by the Board in the 
Resolution, from the proceeds of the Bonds, and from any 
other moneys made available to the City for such purpose. 
The proceeds of the Bonds will be paid directly to the 
Trustee or the Project Fund Trustee to be held and dis- 
bursed by the Trustee as provided in the Trust Agreement 
or by the Project Fund Trustee as provided in the Assign- 
ment to be approved by the Board in the Resolution, pro- 
vided, however, that if the Board finds and determines, 
pursuant to the Resolution, that the Project will be com- 
pleted on or before the date of delivery of the Bonds, the 
Board may provide in the Resolution that the proceeds of 
the Bonds will be paid directly to the Borrower, or for the 
account of the Borrower, to be used by the Borrower to pay 
the costs of, or to reimburse the Borrower for the payment 
of the costs of, the completion of the Project, as provided 
in the Assignment to be approved by the Board in the 
Resolution. No such moneys will be commingled with the 
City's funds or will be subject to the absolute control of the 
City, but will be subject only to such limited supervision 
and checks as are deemed necessary or desirable by the City 
to insure that the proceeds of the Bonds are used to accom- 
plish the public purposes of the Enabling Law and this 
Ordinance. 

Sec. 14. And be it further ordained, That in consideration 
of the purchase and acceptance of the Bonds by those who 



ORDINANCES 1495 

shall hold the Bonds from time to time, the City does 
hereby, and by the execution and delivery of the Trust 
Agreement or the Assignment to be approved by the Board 
shall, set aside and pledge the income and revenue under 
the Loan Agreement (other than payments to the City for 
indemnification or to reimburse the City for expenses in- 
curred by the City itself) to the Trustee or, if the Assign- 
ment is entered into, the Original Purchaser, its successors 
and assigns, to be used and applied for the payment of the 
principal of and interest on the Bonds. Pursuant to the 
terms of the Loan Agreement to be approved by the Board 
in the Resolution, payments sufficient for the prompt pay- 
ment when due of the principal of, premium, if any, and 
interest on the Bonds are to be paid by the Borrov^er to the 
Trustee for the benefit of the holders of the Bonds, or, if 
the Assignment is entered into, to the Original Purchaser, 
its successors and assigns, for the account of the City. 

Sec. 15. And be it further ordained, That the Borrower 
shall agree that : 

(a) It will submit any plans and specifications for por- 
tions of the Project within Baltimore City to the Department 
of Housing and Community Development for approval, 
which approval shall not be withheld unreasonably ; and 

(b) It and its developers will work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality and design. 

Sec. 16. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, 
sentence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or circum- 
stances, such illegality, invalidity, unconstitutionality, or 
inapplicability shall not affect or impair any of the remain- 
ing provisions, sentences, clauses, sections, or parts of this 
Ordinance, or their application to other persons or circum- 
stances. It is hereby declared to be the legislative intent that 
this Ordinance would have passed if such illegal, invalid or 
unconstitutional provision, sentence, clause, section or part 
had not been included herein, and if the person or circum- 
stances to which this Ordinance or any part hereof are inap- 
plicable had been specifically exempted herefrom. 



1496 ORDINANCES Ord. No. 479 

Sec. 17. And be it further ordained, That, if the Bonds 
are not issued and sold within one year from the date on 
which this Ordinance is approved by the Mayor of the City, 
the authorization provided in this Ordinance for the City to 
issue and sell the Bonds shall expire; provided, however, 
that the Board may, after a showing of good cause at a 
public hearing held before the Board, extend such authoriza- 
tion for one additional term not to exceed six months. The 
Board, in its sole discretion, shall determine the sufficiency, 
or lack thereof, of the reasons presented for any requested 
extension of this Ordinance. If an extension is granted, 
notice of such extension and the reasons therefore must be 
sent to the City Council. 

Sec. 18. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Maijor, 



No. 479 
(Council No. 856) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 

WESTWOOD APARTMENT 

COMPANY, INC. 

FOR the purpose of authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $500,000, 
pursuant to the provisions of Sub-section (50) of Article 
II of the Charter of Baltimore City (1964 Revision, as 
amended), for the sole and exclusive purpose of financ- 
ing the costs, charges, fees and expenses in connection 
with the acquisition by AAA of certain real property in 



ORDINANCES 1497 

Baltimore City together with any improvements lo- 
cated thereon, and the construction, reconstruction, reno- 
vation, and/or rehabilitation of improvements which 
will be owned by AAA and used as rental dwelling units, 
and to provide long term financing of the land and im- 
provements ; authorizing the Mayor of the City, on behalf 
of the City, to accept the letter of intent dated October 
12, 1981, from AAA to the City, making certain legisla- 
tive findings ; authorizing and empowering the Board of 
Finance of the City, by a resolution or resolutions 
adopted prior to the issuance, sale and delivery of any 
series of such bonds, to (a) prescribe, among other 
things but not limited to, the form, terms, provisions, 
manner or method of issuing and selling (including ne- 
gotiated as well as competitive bid sale), and the time or 
times of issuance, and any and all other details of such 
bonds, and (b) do any and all things necessary, proper 
or expedient in connection with the issuance and sale of 
such bonds; providing that AAA shall agree to submit 
any plans and specifications to, and to coordinate with, 
the Department of Housing and Community Develop- 
ment in connection with the completion of such project; 
providing that such bonds (or anticipation notes issued 
in anticipation of the issuance of such bonds) must be 
issued and sold within six months from the date this 
Ordinance is approved by the Mayor, unless the Board 
of Finance approves one six month extension as pro- 
vided in this Ordinance; authorizing the issuance of 
notes in anticipation of the issuance of such revenue 
bonds; and generally providing for and determining 
various matters and details in connection with the issu- 
ance and sale of such bonds and bond anticipation notes. 

RECITALS 

Sub-section (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended) (the ''Enabling 
Law"), empowers the Mayor and City Council of Balti- 
more (the ''City") to borrow money to finance under- 
takings for the accomplishment of any of the purposes, 
objects and powers of the City and in connection there- 
with to issue bonds, notes, or other obligations (includ- 
ing refunding bonds, notes or other obligations), all of 
which shall be fully negotiable, payable, as to both prin- 



1498 ORDINANCES Ord. No. 479 

cipal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connection 
with the property, facilities, developments and improve- 
ments whose financing is undertaken by the issuance of 
such bonds, notes or other obligations, (II) the revenues 
from or arising in connection with any contracts, mort- 
gages or other securities purchased or otherwise ac- 
quired with the proceeds of such bonds, notes or other 
obligations, (III) the contracts, mortgages or other se- 
curities purchased or otherwise acquired with the pro- 
ceeds of such bonds, notes or other obligations, or (IV) 
any combination of (I), (II) or (III). The purposes, 
objects and powers of the City contemplated by the En- 
abling Law includes the relief of conditions of unemploy- 
ment in Baltimore City, encouraging the increase of in- 
dustry and a balanced economy in Baltimore City, 
promoting economic development in Baltimore City, and 
promoting the health, welfare safety of the residents of 
Baltimore City. 

The City has received a letter of intent dated October 
12, 1981, (the ''Letter of Intent") from AAA (the ''Bor- 
rower"), pursuant to which the Borrower has requested 
the City to participate in the financing of the costs of 
the acquisition and/or development by the Borrower of 
a certain project in Baltimore City, Maryland (the 
"Project"), by issuing and selling the City's industrial 
development revenue bonds in the aggregate principal 
amount not to exceed $500,000, (the "Bonds"), and by 
making the proceeds of the Bonds available to the Bor- 
rower to be used by the Borrower for the sole and exclu- 
sive purpose of financing the costs of the acquisition 
and/or development of the Project by the Borrower. 

The Project, which is an "undertaking" which will 
accomplish the purposes, objects and powers of the City 
as mentioned in the Enabling Law, will consist generally 
of (a) the renovation, rehabilitation, construction, and/ 
or reconstruction of any existing improvements which 
is owned and operated by the Borrower and located at 
2126 Maryland Avenue and 103 West 22nd Street, and 
(c) the long term financing of the land and improve- 
ments. The Borrower anticipates that the units will be 
leased to various tenants whose identities are unknown 
at this time. 



ORDINANCES 1499 

The Enabling Law provides that the City may author- 
ize and empower the Board of Finance of the City (the 
''Board") by resolution to determine and set forth the 
form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of the Bonds and the issuance and sale 
thereof, and to do any and all things necessary, proper 
or expedient in connection with the issuance and sale of 
the Bonds. 

NOW THEREFORE, IN ACCORDANCE WITH THE 
ENABLING LAW: 

Section 1. Be it ordained by the Mayor and City Coun- 
cil of Baltimore, That acting pursuant to the Enabling 
Law, it is hereby found and determined as follows : 

(1) The issuance and sale of the Bonds by the City 
pursuant to the Enabling Law in order to make the pro- 
ceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the cost of acquisition and/ 
or development of the Project will facilitate and expedite 
the acquisition and/or development of the Project by the 
Borrower. 

(2) The acquisition and/or development of the Project 
by the Borrower and the financing of the costs of such 
acquisition and/or development as provided in this ordi- 
nance will serve to promote the general purposes contem- 
plated by the Enabling Law by (a) sustaining jobs and 
employment in Baltimore City; (b) promoting economic 
development in Baltimore City; and (c) encouraging the 
increase of industry and a balanced economy in Baltimore 
City. 

(3) Any and all of the Bonds shall not be general obli- 
gations of the City and shall not be a pledge of or involve 
the faith and credit or the taxing power of the City, and 
shall not constitute a debt of the City, all within the mean- 
ing of Section 7 of Article XI of the Constitution of Mary- 
land or within the meaning of any other constitutional, 
statutory or charter provision limiting or restricting the 
sale or issuance of bonds, notes or other obligations of the 
City. All of the Bonds shall be limited obligations of the 
City, and shall be fully negotiable, payable, as to both prin- 



1500 ORDINANCES Ord. No. 479 

cipal and interest, solely from and secured solely by a 
pledge of (I) the revenues from or arising in connection 
with the Project, (II) the revenues from or arising in con- 
nection with any contracts, mortgages or other securities 
purchased or otherwise acquired with the proceeds of the 
Bonds, (III) the contracts, mortgages or other securities 
purchased or otherwise acquired with the proceeds of the 
Bonds, or (IV) any combination of (I), (II) or (III), all 
as the Board may approve by a resolution or resolutions 
adopted prior to the issuance, sale and delivery of any of 
the Bonds. 

Sec. 2. And be it further ordained, That the City is 
hereby authorized and empowered to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds, in 
the aggregate principal amount not to exceed $500,000, 
subject to the provisions of this Ordinance. The proceeds 
of the Bonds will be made available to the Borrower under 
terms and conditions approved by the Board and set forth 
in a Resolution, and used by the Borrov/er for the sole and 
exclusive purpose of financing the costs of the acquisition 
and/or development of the Project. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the 
Bonds, and the Mayor of the City is hereby authorized to 
accept the Letter of Intent on behalf of the City in order 
to further evidence the present intent of the City to issue 
the Bonds in accordance with the terms and provisions of 
this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted 
by the Enabling Law, the Board is hereby authorized and 
empowered, by a resolution or resolutions adopted prior 
to the issuance, sale and delivery of any of the Bonds, to: 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale), and the time or times of issuance, and any and 
all other details of the Bonds and the issuance and sale 
thereof ; 



ORDINANCES 1501 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agree- 
ment, (ii) the form of any such trust agreement or similar 
agreement, as provided in the Enabling Law, and (iii) 
such provisions in any such trust agreement or similar 
agreement as the Board may deem reasonable and proper 
for the security of the holders of the Bonds ; 

(c) approve the terms and conditions, including but 
not limited to the terms and conditions of any documents 
to be executed and delivered by the City (other than cus- 
tomary financing statements and closing certificates), 
under which the proceeds of the Bonds will be made avail- 
able to the Borrower to finance the costs of the acquisition 
and/or development of the Project ; and 

(d) do any and all things necessary, proper or expedi- 
ent in connection with the issuance, sale and delivery of 
the Bonds. 

Sec. 5. And he it further ordained, That any and all of 
the Bonds shall not be general obligations of the City and 
shall not be a pledge of or involve the faith and credit or 
the taxing power of the City, and shall not constitute a 
debt of the City, all within the meaning of Section 7 of 
Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of bonds, notes or other ob- 
ligations of the City, and shall be fully negotiable, payable, 
as to both principal and interest, solely from and secured 
solely by a pledge of (I) the revenues from or arising in 
connection with the Project, (II) the revenues from or 
arising in connection with any contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, (III) the contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, or (IV) any combination of (I), 
(II) or (III), all as the Board may approve by a resolu- 
tion or resolutions adopted prior to the issuance, sale and 
delivery of any of the Bonds. 

Sec. 6. And he it further ordained, That the Borrower 
shall agree that : 



1502 ORDINANCES Ord. No. 479 

(a) it will submit any plans and specifications for the 
Project to the Department of Housing and Community De- 
velopment for approval, and that the Department of Hous- 
ing and Community Development may refuse approval of 
any plans and specifications for aesthetic or functional 
reasons ; and 

(b) it and its developers v^ill work with the design 
advisory group appointed by the Department of Housing 
and Community Development in order to achieve high 
quality site, building, and landscape design. 

Sec. 7. And be it further ordained, That any and all of 
the Bonds shall be executed in the name of the City and on 
its behalf by the Mayor of the City, by his manual or fac- 
simile signature, and by the Director of Finance of the 
City, by his manual or facsimile signature, and the cor- 
porate seal of the City or a facsimile thereof shall be im- 
pressed or otherwise reproduced thereon and attested by 
the Custodian or Alternate Custodian of the City Seal, by 
his/her manual signature. Any trust agreement or other 
documents as the Board shall deem necessary to effectuate 
the issuance, sale and delivery of the Bonds shall be ex- 
ecuted in the name of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the City and on its behalf by the 
Mayor of the City by his manual or facsimile signature, 
and the corporate seal of the Seal or a facsimile there shall 
be impressed or otherwise reproduced thereon and attested 
by the Custodian or Alternate Custodian of the City Seal 
by his/her manual signature. In case any officer whose sig- 
nature or a facsimile of whose signature shall appear on 
the Bonds or any of the aforesaid documents shall cease 
to be such officer before the delivery of the Bonds or any of 
the other aforesaid documents, such signatures or such fac- 
simile shall nevertheless be valid and sufficient for all pur- 
poses, the same as if such officer had remained in office 
until delivery. The Mayor of the City, the Director of Fi- 
nance of the city, the Custodian and the Alternate Cus- 
todian of the City Seal and other officials of the City are 
hereby authorized and empowered to do all such acts and 
things and execute such documents and certificates as the 
Board may determine by resolution to be necessary to 
carry out and comply with the provisions hereof. 



ORDINANCES 1503 

Sec. 8. And he it further ordained, That any and all 
necessary financing statements required for the consum- 
mation of the transactions authorized by this Ordinance 
may be executed on behalf of the City by the Mayor of the 
City or by such other appropriate official of the City as 
may be designated by the Mayor of the City to execute 
such financing statements. 

Sec. 9. And be it further ordained, That the authority 
to issue the Bonds is intended and shall be deemed to in- 
clude the authority to issue bond anticipation notes pur- 
suant to Section 12 of Article 31 of the Annotated Code of 
Maryland (1976 Replacement Volume and 1980 Cumula- 
tive Supplement), as amended (the ''Bond Anticipation 
Note Enabling Legislation"). Reference in this Ordinance 
to the ''Bonds" shall include such bond anticipation notes 
where appropriate. Prior to the issuance, sale and delivery 
of any series of bond anticipation notes, the Board shall 
adopt a resolution or resolutions, to : 

(a) prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance, and any and all 
other details of such bond anticipation notes and the issu- 
uance and sale thereof ; 

(b) approve (i) the pledge or assignment by the City 
of any of the security described in Section 5 of this Ordi- 
nance, pursuant to a trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (iii) such pro- 
visions in any such trust agreement or similar agreement 
as the Board may deem reasonable and proper for the se- 
curity of the holders of such bond anticipation notes ; 

(c) approve the terms and conditions, including that 
not limited to the terms and conditions of any document to 
be executed and delivered by the City (other than custom- 
ary financing statements and closing certificates), under 
which the proceeds of such bond anticipation notes will be 
made available to the Borrower to finance the costs of the 
acquisition and/or development of the Project; and 

(d) do any and all things necessary, proper or expedi- 
ent in connection with the issuance, sale and delivery of 
such bond anticipation notes. In accordance with the Bond 



1504 ORDINANCES Ord. No. 479 

Anticipation Note Enabling Legislation, the City hereby 
covenants to pay any bond anticipation notes issued pur- 
suant to this Section of this Ordinance and the interest 
thereon from the proceeds of the Bonds in anticipation of 
the sale of which such notes are issued, and the City here- 
by further covenants to issue such Bonds, as the case may 
be, when, as soon as, the reason for deferring the issuance 
of the Bonds no longer exists. The timely issuance of such 
Bonds, however, is dependent upon matters not within the 
control of the City, including (without limitation) the ex- 
istence of a purchaser or purchasers for such Bonds at the 
time the reason for deferring the issuance of the Bonds no 
longer exists and the effectiveness of various actions taken 
by the Borrower, its officers, agents and employees. 

Sec. 10. And be it further ordained, That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of the 
remaining provisions, sentences, clauses, sections, or parts 
of this Ordinance or their application to other persons or 
circumstances. It is hereby declared to be the legislative 
intent that this Ordinance would have been passed if such 
illegal, invalid or unconstitutional provision, sentence, 
clause, section or part had not been included herein, as if 
the person or circumstances to which this Ordinance or 
any part hereof are inapplicable had been specifically ex- 
empted herefrom. 

Sec. 11. And be it further ordained, That either the 
bonds or bond anticipation notes issued pursuant to Sec- 
tion 9 of this Ordinance in anticipation of the issuance of 
the Bonds must be issued and sold within six months from 
the date on which this Ordinance is approved by the Mayor 
of the City; provided, however, that the Board, after a 
showing of good cause at a public hearing held before the 
Board prior to or after the expiration of such six month 
period, may extend the period during which either the 
Bonds or such bond anticipation notes may be issued and 
sold for one additional term not to exceed six months from 
the date on which the first six month period expired. The 



ORDINANCES 1505 

Board, in its sole discretion, and without action by the City 
Council, shall determine the sufficiency, or lack thereof, of 
the reasons presented for any requested extension of the 
six month period. To the extent that neither the Bonds or 
such bond anticipation notes are issued and sold within 
twelve months from the date on which this Ordinance is 
approved by the Mayor of the City, the authority provided 
in this Ordinance for the City to issue and sell the Bonds 
and such bond anticipation notes shall expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 480 
(Council No. 857) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
(100 ST. PAUL STREET PARTNERSHIP PROJECT) 

FOR the purpose of (a) authorizing and empowering Mayor 
and City Council of Baltimore to issue and sell, at any 
time or from time to time and in one or more series, as 
limited obligations of the City and not upon its full faith 
and credit, its industrial development revenue bonds in an 
aggregate principal amount not exceeding $1,400,000.00 
pursuant to the provisions of Article II, subsection (50) 
of the Charter of Baltimore City (1964 Revision), as 
amended, for the sole and exclusive purpose of financing 
the costs of the completion by 100 St. Paul Street Part- 
nership of a certain project consisting of the acquisition 
of the real property located at 100 St. Paul Street in the 
City of Baltimore, Maryland (including the existing 
improvement thereon) , the renovation of certain improve- 
ments thereon, and the purchase and installation of cer- 
tain machinery and equipment therein, to be owned by 



1506 ORDINANCES Ord. No. 480 

the Borrower and leased to one or more tenants for use 
as office and commercial facilities; (b) authorizing the 
Mayor of the City, on the City's behalf, to accept the 
letter of intent dated October 12, 1981, from the Borrower 
to the City; (c) making certain legislative findings; (d) 
authorizing and empowering the City's Board of Finance 
by one or more resolution adopted before the issuance, 
sale and delivery of any series of such bonds, to (i) 
prescribe, among other things but not limited to, the form, 
terms, provisions, manner or method of issuing and sell- 
ing such bonds (including one or more negotiated or 
competitive bid sales) , the time or times of their issuance, 
and any and all other details of such bonds, and (ii) do 
any and all things necessary, proper or expedient in con- 
nection with the issuance and sale of such bonds; (e) 
authorizing the Board to adopt one or more supplemental 
resolutions for certain purposes; (f) authorizing the 
issuance of notes in anticipation of the issuance of such 
bonds; (g) providing that the Borrower shall agree to 
submit any plans and specifications to, and to cooperate 
with, the City's Department of Housing and Community 
Development in connection with the completion of such 
project; (h) providing that such bonds or bond anticipa- 
tion notes must be issued and sold within six (6) months 
from the date on which this Ordinance is approved by the 
Mayor, unless the Board approves one six-month exten- 
sion as provided in this Ordinance; and (i) generally 
providing for and determining various matters and details 
in connection with the issuance and sale of such bonds 
and bond anticipation notes. 

RECITALS 

Article II, subsection (50) of the Charter of Baltimore 
City (1964 Revision), as amended (hereinafter referred 
to as "the Enabling Law"), empowers Mayor and City 
Council of Baltimore (herein referred to as **the City") 
to borrow money to finance undertakings for the accom- 
plishment of any of the City's purposes, objects and 
powers and in connection therewith to issue bonds, notes 
or other obligations (including refunding bonds, notes or 
other obligation), all of which shall be fully negotiable 
and payable, as to both principal and interest, solely from 



ORDINANCES 1507 

and secured solely by a pledge of any one or more of (a) 
the revenues from or arising in connection with the 
property, facilities, developments and improvements 
whose financing is undertaken by the issuance of such 
bonds, notes or other obligations, (b) the revenues from 
or arising in connection with any contracts, mortgages 
or other securities, purchased or otherwise acquired with 
the proceeds of such bonds, notes or other obliga- 
tions, or (c) the contracts, mortgages or other securities 
purchased or otherwise acquired with the proceeds of 
such bonds, notes or other obligations. The purposes, 
objects and powers of the City contemplated by the 
Enabling Law include the relief of conditions of unem- 
ployment in the City of Baltimore, Maryland, encouraging 
the increase of industry and a balanced economy therein, 
promoting economic development therein, and promoting 
the health, welfare and safety of the residents thereof. 

The City has received a letter of intent dated October 
12, 1981 (hereinafter referred to as "the Letter of 
Intent") from 100 St. Paul Street Partnership, a general 
partnership organized and existing under the law of 
Maryland (herein referred to as "the Borrower"), pur- 
suant to which the Borrower has requested the City to 
participate in financing the costs of the Borrower's com- 
pletion of a certain project in the City of Baltimore, 
Maryland (herein referred to as "the Project"), by issu- 
ing and selling the City's industrial development revenue 
bonds in an aggregate principal sum not exceeding 
$1,400,000.00 (hereinafter referred to as "the Bonds"), 
and by making the proceeds of the Bonds available to the 
Borrower to be used by it for the sole and exclusive 
purpose of financing the costs of its completion of the 
Project. 

The Project will consist generally of (a) the acquisition 
of a parcel of land located at 100 St. Paul Street, Balti- 
more, Maryland, and the existing improvements thereon 
(consisting of, among other things, an eight-story build- 
ing and a three-story building containing in the aggregate 
aprtroximately 22.000 square feet of floor area), (b) the 
renovation of such existing improvements for oflices and 
commercial space, (c) the acquisition, construction and 
installation in such improvements of such machinery and 



1508 ORDINANCES Ord. No. 480 

equipment, and such other improvements, as may be 
necessary or useful in connection with the operation 
thereof, and (d) the acquisition of such other interests 
in land (including, by way of example rather than of 
limitation, roads, rights of access, utilities and other 
necessary site preparation facilities) as may be neces- 
sary or suitable for the foregoing purposes. Upon its 
completion, the Project will be owned by the Borrower 
and leased to one or more tenants for use as offices and 
commercial facilities. The identities of such tenants have 
not yet been determined. 

The Enabling Law provides that the City may authorize 
and empower the City's Board of Finance (herein re- 
ferred to as ''the Board") by resolution to determine 
and set forth the form, terms, provisions, manner or 
method of issuing and selling the Bonds (including one 
or more negotiated or competitive bid sales), the time 
or times of their issuance, and any and all other details of 
the Bonds and the issuance and sale thereof, and to do 
any and all things necessary, proper or expedient in 
connection with the issuance and sale of the Bonds. 

NOW, THEREFORE, IN ACCORDANCE WITH THE 
PROVISIONS OF THE ENABLING LAW, 

Section 1. Be it ordained by Mayor and City Council of 
Baltimore, That, acting pursuant to the provisions of the 
Enabling Law, it is hereby found and determined that: 

1.1. The City's issuance and sale of the Bonds pursuant 
to the provisions of the Enabling Law in order to make the 
proceeds thereof available to the Borrower for the sole and 
exclusive purpose of financing the costs of completion of the 
Project will facilitate and expedite such completion. 

1.2. The Borrower's completion of the Project and the 
financing of the costs thereof as provided in this Ordinance 
will serve to promote the general purposes contemplated by 
the Enabling Law by (a) sustaining and increasing jobs 
and employment in the City of Baltimore, (b) promoting 
economic development therein, and (c) encouraging the 
increase of industry and a balanced economy therein. 

1.3. The Bonds shall not be general obligations of the 
City, shall not be a pledge of or involve the City's faith and 



ORDINANCES 1509 

credit or taxing power, and shall not constitute a debt of 
the City, all within the meaning of the provisions of Article 
XI, section 7 of the Constitution of Maryland or any other 
constitutional, statutory or charter provision limiting or 
restricting the sale or issuance of the City's bonds, notes or 
other obligations. The Bonds shall be limited obligations of 
the City, shall be fully negotiable, and shall be payable, as to 
both principal and interest, solely from and secured solely 
by a pledge of any one or more of (a) the revenues from or 
arising in connection with the Project, (b) the revenues 
from or arising in connection with any contracts, mortgages 
or other securities purchased or otherwise acquired with 
the proceeds of the Bonds, and (c) the contracts, mortgages 
or other securities purchased or otherwise acquired with the 
proceeds of the Bonds, all as the Board may approve by 
one or more resolutions adopted before the issuance, sale 
and delivery of any of the Bonds. 

Sec. 2. And he it further ordained, That the City is hereby 
authorized and empowered to issue and sell, at any time or 
from time to time and in one or more series, as limited 
obligations of the City and not upon its full faith and credit, 
its industrial development revenue bonds in a aggregate 
principal sum not exceeding $1,400,000.00, subject to the 
provisions of this Ordinance. The proceeds of the Bonds 
shall be made available to the Borrower under terms and 
conditions approved by the Board and set forth in a resolu- 
tion, and shall be used by the Borrower for the sole purpose 
of financing the costs of the completion of the Project. ANY 
PROCEEDS OF THE BONDS, AND ANY SUMS EARNED 
BY INVESTMENT OF SUCH PROCEEDS BEFORE DIS- 
BURSEMENT, WHICH PROCEEDS AND OTHER SUMS 
REMAIN UNDISBURSED AFTER MAKING FULL PAY- 
MENT (OR PROVISION THEREFOR) OF THE COSTS 
OF THE COMPLETION OF THE PROJECT, SHALL BE 
APPLIED TO THE REDEMPTION OF THE BONDS AT 
THE EARLIEST PRACTICABLE REDEMPTION DATE. 

Sec. 3. And be it further ordained, That this Ordinance 
constitutes the present intent of the City to issue the Bonds, 
and the Mayor of the City (herein referred to as "the 
Mayor'') is hereby authorized to accept the Letter of Intent 
on the City's behalf to further evidence the City's present 



1510 ORDINANCES Ord. No. 480 

intent to issue the Bonds in accordance with the provisions 
of this Ordinance. 

Sec. 4. And be it further ordained, That, as permitted by 
the Enabling Law, the Board is hereby authorized and em- 
powered, by one or more resolutions adopted before the 
issuance, sale and delivery of any of the Bonds, to 

4.1 prescribe, among other things but not limited to, the 
form, terms, provisions, manner or method of issuing and 
selling the Bonds (including one or more negotiated or 
competitive bid sales), the time or times of their issuance, 
and any and all other details of the Bonds and their issuance 
and sale ; 

4.2. approve (a) the City's pledge or assignment of any 
of the security described in by the provisions of Section 6 
hereof, pursuant to a trust agreement or similar agreement, 
(b) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law, and (c) such pro- 
visions in any such trust agreement or similar agreement 
as the Board may deem reasonable and proper for the 
security of the holders of the Bonds ; 

4.3 approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of the Bonds will be made available to the 
Borrower to finance the costs of the completion of the 
Project; and 

4.4. do any and all things necessary, proper or expedient 
in connection with the issuance, sale and delivery of the 
Bonds. 

Sec. 5. And be it further ordained that the Board is 
hereby authorized and empowered to adopt one or more 
resolutions from time to time, either before or after the 
issuance, sale and delivery of the Bonds, to supplement the 
resolution or resolutions referred to in the provisions of 
Sections 4 and 8 hereof, and thereby to approve amendments 
or supplements to or substitutes for the forms and pro- 
visions of the Bonds, such trust agreement or similar agree- 
ment and all other documents approved by such resolution 



ORDINANCES 1511 

or resolutions, provided that each such supplemental reso- 
lution and each such amendment, supplement or substitute 
shall be in accordance with the provisions of the Enabling 
Law and this Ordinance. 

Sec. 5. And be it further ordained, That the Board is 
not be general obligations of the City, shall not be a pledge 
of or involve the City's faith and credit or taxing power, 
and shall not constitute a debt of the City, all within the 
meaning of the provisions of Article XI, section 7 of the 
Constitution of Maryland or any other constitutional, sta- 
tutory or charter provision limiting or restricting the sale 
or issuance of the City's bonds, notes or other obligations. 
The Bonds shall be limited obligations of the City, shall be 
fully negotiable, and shall be payable, as to both principal 
and interest, solely from and secured solely by a pledge of 
any one or more of (a) the revenues from or arising in 
connection with the Project, (b) the revenues from or aris- 
ing in connection with any contracts, mortgages or other 
securities purchased or otherwise acquired with the pro- 
ceeds of the Bonds, or (c) the contracts, mortgages or 
other securities purchased or otherwise acquired with the 
proceeds of the Bonds, all as the Board may approve by one 
or more resolutions adopted before the issuance, sale and 
delivery of any of the Bonds. 

Sec. 7. And be it further ordained, That the Bonds shall 
be executed in the City's name and on its behalf by the 
Mayor, by his manual or facsimile signature, and by the 
City's Director of Finance, by his manual or facsimile 
signature, and the City's corporate seal or a facsimile 
thereof shall be impressed or otherwise reproduced thereon 
and attested by the Custodian of the City Seal, by his manual 
signature. The trust agreement or similar agreement and all 
other documents approved by the resolution or resolutions 
referred to in the provisions of Sections 4 and 8 hereof, and 
any and all amendments thereto approved by a resolution 
referred to in the provisions of Section 5 hereof, shall be 
executed in the City's name and on its behalf by the Mayor 
by his manual signature, and the City's corporate seal or a 
facsimile thereof shall be impressed or otherwise reproduced 
thereon and attested by the Custodian of the City Seal, by 
his manual signature. In case any officer whose signature 



1512 ORDINANCES Ord. No. 480 

or a facsimile thereof shall appear on the Bonds or any of 
the said documents shall cease to be such officer before 
the delivery of the Bonds or any other such document, such 
signature or such facsimile shall nevertheless be valid and 
sufficient for all purposes, as if such officer had remained 
in office until delivery. The Mayor, the City's Director of 
Finance, the Custodian of the City Seal and other officials 
of the City are hereby authorized and empowered to do all 
such acts and things and execute such documents and certi- 
ficates as the Board may determine in the resolutions re- 
ferred to in the provisions of Sections 4, 5 and 8 hereof to 
be necessary to carry out and comply with the provisions 
hereof. 

Sec. 8. And be it further ordained, That the authority to 
issue the Bonds is intended and shall be deemed to include 
the authority to issue bond anticipation notes pursuant to 
the provisions of article 31, section 12 of the Annotated 
Code of Maryland (1976 Replacement Volume and 198 [0] 
Cumulative Supplement), as amended (hereinafter referred 
to as ''the Note Enabling Law"). Reference in this Ordi- 
nance to the Bonds shall include such bond anticipation 
notes where appropriate. As permitted by the provisions of 
the Enabling Law and the Note Enabling Law, the Board 
is hereby authorized and empowered, by one or more resolu- 
tions adopted before the issuance, sale and delivery of any 
such bond anticipation notes, to 

8.1. prescribe, among other things but not limited to, 
the form, terms, provisions, manner or method of issuing 
and selling any such bond anticipation notes (including one 
or more negotiated or competitive bid sales), the time or 
times of their issuance, and any and all other details of such 
bond anticipation notes and their issuance and sale; 

8.2 approve (a) the City's pledge or assignment of any 
of the security described in the provisions of Section 6 
hereof, pursuant to a trust agreement or similar agreement, 
(b) the form of any such trust agreement or similar agree- 
ment, as provided in the Enabling Law or the Note Enabling 
Law. and (c) such provisions in any such trust agreement 
or similar agreement as the Board may deem reasonable 
and proper for the security of the holders of such bond 
anticipation notes ; 



ORDINANCES 1513 

8.3. approve the terms and conditions, including but not 
limited to the terms and conditions of any documents to be 
executed and delivered by the City (other than customary 
financing statements and closing certificates), under which 
the proceeds of such bond anticipation notes will be made 
available to the Borrower to finance the costs of the comple- 
tion of the Project ; and 

8.4. do any and all things necessary, proper or expedient 
in connection with the issuance, sale and delivery of such 
bond anticipation notes. 

In accordance with the Note Enabling Law, the City 
hereby covenants (a) to pay any bond anticipation notes 
issued pursuant to the provisions of this Section, and the 
interest thereon, from the proceeds of the Bonds in antici- 
pation of the sale of which such notes are issued, and (b) 
to issue such Bonds when, and as soon as, the reason for 
deferring the issuance of the Bonds no longer exists. The 
timely issuance of such Bonds, however, is dependent upon 
matters not within the City^s control, including (without 
limitation) the existence of a purchaser or purchasers of 
such Bonds when the reason for deferring the issuance of 
the Bonds no longer exists, and the effectiveness of various 
actions taken by the Borrower, its officers, agents and 
employees. 

Sec. 9. And he it further ordained, That the Borrower 
shall agree that 

9.1. it will submit any plans and specifications for the 
Project to the City's Department of Housing and Commu- 
nity Development for approval, and that such Department 
may refuse approval of any such plans and specifications 
for aesthetic or functional reasons ; and 

9.2. it and its developers will work with the design 
advisory group appointed by such Department to achieve 
high quality site, building and landscape design. 

Sec. 10. And be it further ordained. That the provisions 
of this Ordinance are severable, and if any provision, sen- 
tence, clause, section or part hereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or circum- 
stance, such illegality, invalidity, unconstitutionality or 



1514 ORDINANCES Ord. No. 480 

inapplicability shall not affect or impair any of the remain- 
ing provisions, sentences, clauses, sections or parts of this 
Ordinance or their application to other persons or circum- 
stances. It is hereby declared to be the legislative intent 
that this Ordinance would have been passed if such illegal, 
invalid or unconstitutional provision, sentence, clause, sec- 
tion or part has not been included herein, and if the person 
or circumstances to which this Ordinance or any part hereof 
is inapplicable had been specifically exempted herefrom. 

Sec. 11. And be it further ordained, That either the Bonds 
or any bond anticipation notes issued pursuant to the pro- 
visions of Section 8 hereof must be issued and sold within 
six (6) months from the date on which this Ordinance is 
approved by the Mayor; provided, that the Board, after a 
showing of good cause at a public hearing held before the 
Board before or after the expiration of such six-month 
period, may extend the period during which either the Bonds 
or such bond anticipation notes may be issued and sold for 
one additional term not exceeding six (6) months from the 
date on which the first six-month period expires. The Board, 
in its sole discretion and without action by the City 
Council of the City, shall determine the sufficiency, or lack 
thereof, of the reasons presented for any requested extension 
of such six-month period. If an extension is granted, notice 
of such extension and the reasons therefor must be sent to 
the City Council of the City. To the extent that neither the 
Bonds nor such bond anticipation notes are issued and sold 
within twelve (12) months from the date on which this 
Ordinance is approved by the Mayor, the authority pro- 
vided in this Ordinance for the City to issue and sell the 
Bonds and such bond anticipation notes shall expire. 

Sec. 12. And be it further ordained, That this Ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Maijor. 



ORDINANCES 1515 

No. 481 
(Council No. 859) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 

ROUNDHOUSE SQUARE 
RESIDENTIAL DEVELOPMENT PROGRAM 

FOR the purpose of authorizing and providing for the 
issuance, sale and delivery, by the Mayor and City Coun- 
cil of Baltimore (the ''City") of its revenue obligations 
for the Roundhouse Square Residential Development 
Program (as defined in this ordinance) consisting of its 
revenue notes, to be used in part to pay the costs of con- 
struction of residential units as described in this ordi- 
nance, designated ''Single-Family Construction Mortgage 
Revenue Notes (Roundhouse Square Loan Program)" in 
the aggregate principal amount not exceeding $3,800,000, 
and of its revenue bonds, to be used in part to provide 
mortgage financing for the purchasers of owner-occupied 
residential units described in this ordinance, designated 
"Single-Family Mortgage Revenue Bonds (Roundhouse 
Square Loan Program)" in the aggregate principal 
amount not exceeding $4,000,000, each pursuant to the 
provisions of Subsection (51) and (50) of Article II of 
the Charter of Baltimore City (1964 Revision, as 
amended), in order to use the proceeds for the sole and 
exclusive purpose of financing the Roundhouse Square 
Residential Construction Loan Program (as defined in 
this ordinance) each as part of the Roundhouse Square 
Residential Development Program (as defined in this 
ordinance) for the Project Areas within the Roundhouse 
Square Area (each as defined in this ordinance) in the 
City of Baltimore, including (without limitation) the 
purchase, the contracting to purchase or the acquisition 
of mortgage loans bearing interest rates below those 
generally prevailing (at the time of purchase or contract 
to purchase) in the private mortgage market (to the 
extent such a market exists at that time) for loans of 
comparable quality and term in the City of Baltimore, 
as provided in this ordinance, for the public purpose of 
developing readily available sources of money at low 



151G ORDINANCES Ord. No. 481 

and moderate cost for the Roundhouse Square Residen- 
tial Development Program (as defined in this ordi- 
nance) for the Project Areas within the Roundhouse 
Square Area (each as defined in this ordinance) within 
the City of Baltimore; making certain legislative find- 
ings, among others, concerning the public benefit and 
purpose of such revenue notes and revenue bonds ; pro- 
viding that (a) such revenue notes and revenue bonds 
shall be payable solely and only from Revenue Note and 
Bond Loan Program Revenues (as defined in this ordi- 
nance) and (to the extent provided by resolution of the 
Board of Finance of the City adopted pursuant to this 
ordinance) certain proceeds or such revenue notes and 
revenue bonds and (b) such revenue notes and revenue 
bonds shall not ever constitute, within the meaning of 
Section 7 of Article XI of the Constitution of Maryland 
or any other constitutional, statutory or charter pro- 
vision or otherwise (i) a debt or general obligation of 
the City or any other political subdivision or (ii) a 
pledge of or an involvement of the faith and credit or 
the taxing powers of the City or any other political sub- 
division; authorizing and empow^ering the Board of 
Finance of the City by resolution (i) to determine and 
set forth certain matters pertaining to the revenue notes 
and the revenue bonds including (without limitation) 
the form, terms, provisions (including redemption pro- 
visions and sinking fund requirements, if any), manner 
or method of issuing and selling (including negotiated 
as well as competitive bid sale) and the time or times of 
issuance and any and all other details of such revenue 
notes and revenue bonds, (ii) to do any and all things 
necessary, proper or expedient in connection with the 
issuance and sale of such revenue notes and revenue 
bonds, including (without limitation) to approve the 
form of construction loan agreements in connection with 
such revenue notes, to approve the form of servicing 
agreements in connection with such revenue notes and 
bonds, to prepare and distribute preliminary and final 
ofl[icial statements or preliminary and final placement 
memoranda or circulars in connection with the sale of 
such revenue notes and revenue bonds, to determine the 
dates, times and places when underwriting or placement 
agreements or purchase agreements shall be submitted 



ORDINANCES 1517 

by the underwriters or placement agents for such reve- 
nue notes and revenue bonds or the purchasers of such 
revenue notes or revenue bonds and to determine certain 
of the terms of such agreements, to determine the inter- 
est rate or rates to be paid by the City on such revenue 
notes and revenue bonds and to appoint a trustee for 
such revenue notes and revenue bonds, and (iii) to ap- 
prove the form of trust agreements between the City 
and the trustee, which trust agreements may (a) pledge 
or assign all or any part of the security for such revenue 
notes and revenue bonds, (b) contain reasonable and 
proper provisions for the protection and enforcement of 
the rights and remedies of the holders of such revenue 
notes and revenue bonds, (c) set forth the rights and 
remedies of the holders of such revenue notes and reve- 
nue bonds and of the trustee and restrict the individual 
right of action by the holders of such revenue notes and 
revenue bonds, and (d) contain whatever other pro- 
visions are deemed reasonable and proper for the secur- 
ity of the holders of such revenue notes and revenue 
bonds; providing that all or a portion of such revenue 
notes and revenue bonds may be refunded pursuant to a 
subsequent ordinance of the City; and generally provid- 
ing for and determining various matters in connection 
with the authorization, issuance, security, sale and pay- 
ment of such revenue obligations for the Roundhouse 
Square Residential Development Program (as defined in 
this ordinance). 

RECITALS 

A. Subsection (51) — Loans to Facilitate Low and 
Moderate Cost Residential Mortgage Financing Within 
the City, of Article II of the Charter of Baltimore City 
(1964 Revision, as amended) (''Subsection 51") author- 
izes Mayor and City Council of Baltimore (the **City") 
to borrow money by the issuance and sale of its revenue 
notes and revenue bonds and to utilize the proceeds of 
the notes and bonds to develop an owner-occupancy resi- 
dential mortgage loan program in the City of Baltimore, 
Maryland ("Baltimore") to provide readily available 
sources of money at low^ and moderate cost for such resi- 
dential mortgage loans within Baltimore through the 
purchase, contracting to purchase or other acquisition of 



1518 ORDINANCES Ord. No. 481 

mortgage loans (i) bearing interest rates below those 
generally prevailing (at the time of purchase or contract 
to purchase) in the private mortgage market (to the 
extent such a market exists at that time) for loans of 
comparable quality and terms in Baltimore and (ii) hav- 
ing whatever other terms and characteristics as may be 
determined by the City. Subsection (51) requires that 
revenue notes and revenue bonds authorized thereunder 
shall be issued pursuant to Subsection (50) — Revenue 
Bonds and Obligations, of the Charter of Baltimore City 
(1964 Revision, as amended) . 

B. Subsection (50) — Revenue Bonds and Obligations, 
of Article II of the Charter of Baltimore City (1964 
Revision, as amended) (''Subsection (50)") authorizes 
the City to borrow money through the issuance and sale 
of its revenue notes and revenue bonds for the accom- 
plishment of any of the purposes, objects and powers of 
the City. Revenue notes and revenue bonds issued pursu- 
ant to Subsection (50) shall be payable, as to both prin- 
cipal and interest, solely from and secured solely by (i) 
the revenues from or arising in connection with the 
property, facilities, developments and improvements 
whose financing is undertaken by issuance of the notes 
or bonds, (ii) the revenues from or arising in connection 
with any contracts, mortgages or other securities pur- 
chased or otherwise acquired with the proceeds of the 
notes or bonds, (iii) the contracts, mortgages or other 
securities purchased or otherwise acquired with the pro- 
ceeds of the notes or bonds, or (iv) any combination of 
(i), (ii) or (iii). 

C. Subsection (50) further authorizes the City to 
authorize and empower the Board of Finance of the City 
by resolution (i) to determine and set forth certain 
matters pertaining to the revenue notes and revenue 
bonds, including (without limitation) the forms, terms, 
provisions, manner or method of issuing and selling (in- 
cluding negotiated as well as competitive bid sale), and 
the time or times of issuance and any and all other 
details of such revenue notes or revenue bonds, (ii) to 
do any and all things necessary, proper or expedient in 
connection with the issuance and sale of such revenue 
notes or revenue bonds, and (iii) to approve the form of 
a trust agreement between the City and the trustee. 



ORDINANCES 1519 

which trust agreement may (a) pledge or assign all or 
any part of the security for such notes or bonds, (b) 
contain reasonable and proper provisions for the pro- 
tection and enforcement of the rights and remedies of 
the holders of such notes or bonds, (c) set forth the 
rights and remedies of the holders of such notes or 
bonds, and of the trustee and restrict the individual 
rights of action by the holders of the notes or bonds, and 
(d) contain whatever other provisions are deemed rea- 
sonable and proper for the security of the holders of such 
notes or bonds. 

D. Subsection (51) and Subsection (50) are referred 
to herein collectively as the "Enabling Laws". 

E. Subsection (51) declares, among other things, 
that borrowing money thereunder by the issuance of 
revenue notes or revenue bonds shall be for the essential 
public purpose of (i) preserving a healthy and viable 
economy within Baltimore, (ii) encouraging and facili- 
tating the creation or maintenance of a healthy and 
ready market for residential real estate in Baltimore, 
including (without limitation) the ready sale and pur- 
chase of existing residential real estate and the purchase, 
acquisition, construction, erection or development of 
buildings or structures for owner-occupied residential 
purposes, including any land necessary therefor, within 
the boundaries of Baltimore, (iii) encouraging and facil- 
itating the purchase of residential real property in Bal- 
timore in order to maintain and encourage growth in 
real property assessments in Baltimore, and (iv) pre- 
serving the public health, safety and welfare of the resi- 
dents of Baltimore by enabling residents of Baltimore of 
all income levels to finance readily their housing needs 
in Baltimore, thus discouraging the proliferation of 
vacant and substandard housing in Baltimore and re- 
tarding or reversing the movement of financially self 
sufficient taxpayers to surrounding subdivisions. 

F. The Project Area of the Roundhouse Square Resi- 
dential Development Program shall be located in the 
City of Baltimore in the 800 block of West Pratt Street. 
Consisting of single family residential dwelling units 
including but not limited to townhouse, condominiums,, 
cooperatives, or other residential structures. 



1520 ORDINANCES Ord. No. 481 

G. As part of the development of the Roundhouse 
Square Area, the City seeks to promote owner-occupied 
residential units within Baltimore and the Roundhouse 
Square Area offering a variety of good housing accom- 
modations in an attractive environmental (such program 
as it may have heretofore or may hereafter be amended, 
or supplemented or extended to other areas from time to 
time called the "Roundhouse Square Residential Devel- 
opment Program") . 

H. Pursuant to the Roundhouse Square Residential 
Development Program, the City proposes to provide nec- 
essary construction financing as determ^ined from time 
to time (such program as it may have heretofore or may 
hereafter be amended, (supplemented or extended to 
other areas from time to time called the "Roundhouse 
Square Residential Construction Loan Program" for 
developers and builders (herein "developers"), and nec- 
essary long-term mortgage financing (such program as 
it may have heretofore or may hereafter be amended, 
supplemented or extended to other areas from time to 
time called "Roundhouse Square Residential Mortgage 
Loan Program") for purchasers (herein "mortgagors") 
of residential units in the Project Area through several 
issues of the City's revenue notes and revenue bonds. 

L Pursuant to the Enabling Laws, the City has de- 
termined to issue and sell in an amount not to exceed 
$3,800,000, aggregate principal amount of its "Single- 
Family Construction Mortgage Revenue Notes (Round- 
house Square Loan Program)", (the "Notes") and to 
use the proceeds of the Notes to provide construction 
financing for development of an owner-occupancy resi- 
dential loan program for the Roundhouse Square Resi- 
dential Development Program which loan program will 
include (without limitation) the financing of construc- 
tion loans for the developer. 

J. Pursuant to the Enabling Laws, the City has de- 
termined to issue and sell in an amount not to exceed 
$4,000,000, aggregate principal amount of its "Single- 
Family Mortgage Revenue Bonds (Roundhouse Square 
Loan Program)", (the "Bonds") and to use the proceeds 
of the Bonds, to develop an owner-occupancy residential 
loan program for the Roundhouse Square Residential 



ORDINANCES 1521 

Development Program, which loan program will include 
(without limitation) the financing of mortgage loans for 
the Mortgagors. 

K. The City has determined to issue and sell the 
Notes and the Bonds to effectuate the public purpose of 
(i) preserving a healthy and viable economy within Bal- 
timore, (ii) encouraging and facilitating the creation or 
maintenance of a healthy and ready market for resi- 
dential real estate in Baltimore, including (without 
limitation) the ready sale and purchase of existing resi- 
dential real estate and the purchase, acquisition, con- 
struction, erection or development of buildings or struc- 
tures for ow^ner-occupied residential purposes, including 
any land necessary therefor, within the boundaries of 
Baltimore, (iii) encouraging and facilitating the pur- 
chase of residential real property in Baltimore in order 
to maintain and encourage growth in real property 
assessments in Baltimore, and (iv) preserving the public 
health, safety and welfare of the residents of Baltimore 
by enabling residents of Baltimore of all income levels 
to finance readily their housing needs in Baltimore, thus 
discouraging the proliferation of vacant and substan- 
dard housing in Baltimore and retarding or reversing 
the movement of financially self sufficient taxpayers to 
surrounding subdivisions. 

L. Pursuant to authority provided in Article XI-H of 
the Constitution of Maryland and laws enacted pursuant 
thereto, the City from time to time has general funds 
available for use to make or contract to make or to guar- 
antee or insure financial loans to any person or other 
legal entity to be used for or in connection with the pur- 
chase, acquisition, construction, erection or development 
of buildings or structures, including any land necessary 
therefor, within the boundaries of Baltimore, which 
buildings or structures are to be used or occupied for 
residential purposes. Pursuant to such authority, or as 
otherwise may be permitted by applicable law, the City, 
acting through the Department of Housing and Com- 
munity Development of the City and the Board of Esti- 
mates of the City, may determine from time to time to 
make, guarantee or insure financial loans in connection 
with the owner-occupied residential units for the Project 
Areas to supplement the proceeds of the Notes and 



1522 ORDINANCES Ord. No. 481 

Bonds to develop the Roundhouse Square Residential 
Construction Loan Program and the Roundhouse Square 
Residential Mortgage Loan Program as an integral part 
of the Roundhouse Square Residential Development 
Program. 

M. The City has determined to use, in part, the pro- 
ceeds of the Bonds to provide mortgage financing to the 
purchasers of the owner-occupied residential units in the 
Project Areas pursuant to the Inner Harbor Residential 
Development Program by making loans to finance such 
purchases. 

Section 1. Be it ordained by Mayor and City Council of 
Baltimore, That, acting pursuant to the Enabling Laws, it 
is hereby found and determined, as follows: 

(1) The issuance of revenue notes and revenue bonds 
by the City pursuant to the Enabling Laws to develop the 
Roundhouse Square Residential Construction Loan Pro- 
gram and the Roundhouse Square Residential Mortgage 
Loan Program each as a part of the Roundhouse Square 
Residential Development Program in Baltimore through 
the purchase, contracting to purchase or other acquisition 
of mortgage loans (i) bearing interest rates below those 
generally prevailing (at the time of purchase or contract 
to purchase) in the private mortgage market (to the ex- 
tent such a market exists at that time) for loans of com- 
parable quality and term in Baltimore and (ii) having the 
terms and characteristics as determined by this ordinance 
and the Board of Finance acting pursuant to this ordi- 
nance, will encourage and facilitate the purchase of resi- 
dential property in the Project Area by residents of 
Baltimore of all income levels. 

(2) The accomplishment of the transactions contem- 
plated and authorized by this ordinance, including (without 
limitation) the development of the Roundhouse Square 
Residential Construction Loan Program and the Round- 
house Square Residential Mortgage Loan Program, will 
accomplish a public purpose and meet existing public needs 
by (i) preserving a healthy and viable economy within 
Baltimore, (ii) encouraging and facilitating the creation 
or maintenance of a healthy and ready market for residen- 
tial real estate in Baltimore, including (without limitation) 



ORDINANCES 1523 

the ready sale and purchase of existing residential real 
estate and the purchase, acquisition, construction, erection 
or development of buildings or structures for owner-occu- 
pied residential purposes, including any land necessary 
therefor, within the boundaries of Baltimore City, (iii) 
encouraging and facilitating the purchase of residential 
real property in Baltimore in order to maintain and en- 
courage growth in real property assessments in Baltimore, 
and (iv) preserving the public health, safety and welfare 
of the residents of Baltimore by enabling residents of Bal- 
timore of all income levels to finance readily their housing 
needs in Baltimore, thus discouraging the proliferation of 
vacant and substandard housing in Baltimore and retard- 
ing or reversing the movement of financially self sufficient 
taxpayers to surrounding subdivisions. 

(3) Neither notes or bonds nor interest coupons issued 
under the authority of the Enabling Laws constitute (i) a 
debt or general obligation of the City or any other political 
subdivisions, or (ii) a pledge of or an involvement of the 
faith and credit or the taxing powers of the City or any 
other political subdivision, all within the meaning of Sec- 
tion 7 of Article XI of the Constitution of Maryland or 
any other constitutional, statutory or charter provision. 
The principal of and interest on the Notes and Bonds shall 
be payable from, and secured by, (i) an assignment of 
payments, proceeds, charges, rents and any other income 
or pajonent (except certain escrow payments) to be de- 
rived in cash by or for the account of the City from or 
related to the Roundhouse Square Residential Construction 
Loan Program and the Roundhouse Square Residential 
Mortgage Loan Program, including (without limitation) 
payment (as determined by resolution of the Board of 
Finance adopted pursuant to this ordinance) of principal 
and interest on construction mortgage loans made by the 
City to the developer of owner-occupied residential units 
in the Roundhouse Square Residential Development Pro- 
gram and on mortgage loans made by the City to Mort- 
gagors (all such income or payments called the "Revenue 
Note and Bond Loan Program Revenues") and (ii) (to the 
extent provided by resolution of the Board of Finance 
adopted pursuant to this ordinance) proceeds of the Notes 
and Bonds. The principal of and interest on the Notes shall 
be secured by (without limitation) construction mortgages 



1524 ORDINANCES Ord. No. 481 

from the developer in connection with the Roundhouse 
Square Residential Construction Loan Program (the "Con- 
struction Mortgages"). The principal of and interest on 
the Bonds shall be secured by (without limitation) mort- 
gages from Mortgagors in connection with the Roundhouse 
Square Residential Mortgage Loan Program (the "Unit 
Mortgages"). The Notes and Bonds may be additionally 
secured (without in any way specifying or limiting the 
terms of such additional security) by (i) insuring all or a 
part of the Unit Mortgages by private mortgage insurance 
provided by one or more private mortgage insurers selected 
by the Board of Finance; or (ii) insuring all or a part 
of the Unit Mortgages through the Maryland Housing 
Fund or such other Federal, State or municipal fund or 
other agency permitted by applicable law to perform such 
insuring functions; or (iii) assigning the proceeds of the 
mortgage insurance to the trustee for the holders of the 
Notes and Bonds (the "Bondholders") ; or (iv) such other 
security as the Board of Finance may by resolution ap- 
prove; or (v) any combination of (i), (ii), (iii) and (iv). 

The principal amount of the Notes and Bonds will be 
paid directly to, and will be disbursed by, the independent 
trustee or trusteees appointed by the Board of Finance 
pursuant to this ordinance (the "Trustee"). No such 
moneys will be either commingled with the City's general 
funds or made subject to the absolute control of the City, 
except for such limited supervision and checks as are 
deemed necessary or desirable by the City to insure that 
the proceeds of the Notes and Bonds are used to accom- 
plish the public purposes of the Enabling Laws and this 
ordinance. The Revenue Note and Bond Loan Revenues, in 
the case of construction financing for the developer, will be 
paid by the developer to the Trustee as servicer for the 
Construction Mortgages or as Trustee for the Roundhouse 
Square Residential Construction Loan Program, as stipu- 
lated in the construction loan agreement or agreements to 
be entered into by the City with an agent, or agents, for 
construction loan servicing of the Construction Mortgages. 
The Revenue Note and Bond Loan Program Revenues, in 
the case of financing for Mortgagors, will be paid by the 
Mortgagors to the mortgage servicer or servicers for the 
Roundhouse Square Residential Mortgage Loan Program, 
as stipulated in the servicing agreement or agreements to 



ORDINANCES 1525 

be entered into by the City with a servicing agent or agents 
for the Unit Mortgages, and the Revenue Note and Bond 
Loan Program Revenues, less the servicing fee to be ap- 
proved by the Board of Finance, shall be paid by such 
servicer to the Trustee. The transactions authorized hereby 
do not constitute a public improvement of a capital project 
within the meaning of any charter or statutory provision. 
The public purposes expressed in this ordinance are in- 
tended to be achieved by providing residential low and 
moderate cost mortgage construction loans to the developer 
of the Roundhouse Square Residential Development Pro- 
gram and residential low and moderate cost mortgage loans 
to the Mortgagors, each within Baltimore; preserving a 
healthy economy within Baltimore; fostering a healthy 
market for residential real estate in Baltimore; fostering 
the purchase of residential real property in Baltimore and 
providing affordable housing within Baltimore, thus dis- 
couraging the movement of taxpayers to surrounding 
subdivisions. 

Sec. 2. And be it further ordained, That, the issuance, 
sale and delivery of not exceeding $3,800,000, aggregate 
principal amount of revenue notes, hereby designated 
"Single-Family Construction Mortgage Revenue Notes 
(Roundhouse Square Loan Program)", and the issuance, 
sale and delivery of not exceeding $4,000,000, aggregate 
principal amount of revenue bonds, hereby designated 
"Single-Family Mortgage Revenue Bonds (Roundhouse 
Square Loan Program)'* are hereby authorized, subject to 
the provisions of this ordiance, the proceeds to be used to 
develop the Roundhouse Square Residential Construction 
Loan Program and the Roundhouse Square Residential 
Mortgage Loan Program as a part of the Roundhouse 
Square Residential Development Program, all as set forth 
in this ordinance. In addition to the disbursement of Note 
and Bond proceeds for construction loans and mortgage 
loans under the Roundhouse Square Residential Construc- 
tion Loan Program and the Roundhouse Square Residential 
Mortgage Loan Program, Note and Bond proceeds may be 
disbursed (without limitation) (i) with respect to con- 
struction loans, to pay all costs of planning, development 
and construction of the owner-occupied residential units 
for the Roundhouse Square Residential Development Pro- 
gram including (without limitation) architect's and engi- 



1526 ORDINANCES Ord. No. 481 

neers' fees and expenses, commitment fees, title insurance 
and recordation fees and taxes, land costs, land develop- 
ment costs, interest during the construction period, con- 
structon materials and equipment, construction contracting 
services and payment and performance bonds, (ii) to pay 
the cost of issuance and sale of the Notes and Bonds, in- 
cluding (without limitation) costs of printing Notes and 
Bonds, the official statement and other legal documents, 
costs of delivery of the Notes and Bonds, commitment fees, 
legal fees, accounting fees, underwriting costs, advertising 
costs, cost of rating agency reviews and all other incidental 
related expenses and (iii) (to the extent provided by 
resolution of the Board of Finance adopted pursuant to 
this ordinance) to fund a debt service reserve or other 
reserve funds for the Notes and Bonds. The Notes and 
Bonds shall be solely and exclusively payable from the 
Revenue Note and Bond Loan Program Revenues and (to 
the extent provided by resolution of the Board of Finance 
adopted pursuant to this ordinance) certain Note and Bond 
proceeds. The Notes and Bonds shall be secured (to the 
extent provided by resolution of the Board of Finance 
adopted pursuant to this ordinance) by (without limita- 
tion) the Construction Mortgages and the Unit Mortgages. 
The Board of Finance may require, however, that the 
Notes and Bonds be additionally secured by (i) insuring 
the Construction Mortgages and Unit Mortgages through 
private mortgage insurance provided by one or more pri- 
vate mortgage insurers selected by the Board of Finance; 
or (11) insuring the Construction Mortgages and Unit 
Mortgages through the Maryland Housing Fund or such 
Federal, State, or municipal fund or other agency per- 
mitted by applicable law to perform such insuring func- 
tions; or (iii) assigning the proceeds of the mortgage 
insurance to the Trustee for the Bondholders; or (iv) such 
other security as the Board of Finance may approve; or 
(v) any combination of (i), (ii), (iii) and (iv). The 
aggregate principal amount of Notes issued, sold and deliv- 
ered pursuant to this ordinance shall not exceed $3,800,000, 
and the aggregate principal amount of the Bonds issued, 
sold and delivered pursuant to this ordinance shall not 
exceed §4,000,000, unless such amount or amounts, in each 
case, shall be increased by an ordinance of the City supple- 
mental hereto. The City contemplates that, because of 



ORDINANCES 1527 

inflation and other factors which may occur during the 
development and construction periods of the Project Area, 
the City will amend or supplement this ordinance from 
time to time to increase such amounts or otherwise to pro- 
vide for matters affecting the Roundhouse Square Residen- 
tial Development Program. Nothing in this ordinance is 
intended or shall be deemed to exclude the issuance of 
refunding bonds to refund all or a portion of the Notes or 
Bonds, and the adoption of a subsequent ordinance or ordi- 
nances for such purpose is expressly contemplated by this 
ordinance. 

In accordance with the Enabling Laws, the City hereby 
authorizes the Board of Finance, unless the City shall 
otherwise prescribe prior to the issuance and delivery of 
the Notes or Bonds, by resolution to take the following 
actions and to make the following commitment on behalf 
of the City : 

(a) to determine and set forth the form, terms, pro- 
visions (including redemption provisions and sinking fund 
requirements, if any), manner or method of issuing and 
selling (including negotiated or competitive bid sale) and 
the time or times of issuance and any and all other details 
of the Notes and Bonds ; 

(b) to determine and set forth the form, terms and 
provisions of construction loan agreements, servicing 
agreements and all other construction and mortgage loan 
and other documents in connection with the Notes and 
Bonds ; 

(c) to prepare and distribute, in conjunction with the 
prospective underwriters or placement agents, if any, for 
the Notes and Bonds, preliminary and final official state- 
ments or placement memoranda or circulars as the Board 
of Finance deems necessary and appropriate in connection 
with the sale of the Notes and Bonds ; provided, however, 
that any such preliminary official statements or placement 
memoranda or circulars shall be clearly marked to indicate 
that they are subject to completion and amendment; 

(d) to deteiTnine the dates, times and places when an 
underwriting or placement agreement or purchase contract 
shall be submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 



1528 ORDINANCES Ord. No. 481 

Bonds, such underwriting or placement agreement or pur- 
chase contract to specify the interest rate or rates proposed 
to be paid on the Notes and Bonds, the price at which such 
Notes and Bonds are to be sold to such underwriters, 
placement agents or purchasers, and such other matters as 
the underwriters, placement agents or purchasers and the 
Board of Finance may deem necessary or desirable in order 
to effect the sale and delivery of the Notes and Bonds ; 

(e) to determine the interest rate or rates to be paid 
by the City on the Notes and Bonds in accordance with the 
proposed underwriting or placement agreement or pur- 
chase contract submitted by the underwriters or placement 
agents for the Notes and Bonds or purchasers of the Notes 
and Bonds ; 

(f) to appoint, as the Board of Finance deems neces- 
sary and appropriate, a bank having trust powers, or a 
trust company, as trustee for the Notes and Bonds to be 
issued pursuant to this ordinance; and 

(g) to approve the form of trust agreements between 
the City and the Trustee, which trust agreements may 
(i) pledge or assign all or any part of the security of the 
Notes and Bonds, (ii) contain reasonable and proper pro- 
visions for the protection and enforcement of the rights 
and remedies of the Bondholders, (iii) set forth the rights 
and remedies of the Bondholders and the Trustee and may 
restrict the individual right of action by the Bondholders, 
and (iv) contain whatever other provisions are deemed 
reasonable and proper for the securtiy of the Bondholders. 

The Board of Finance shall perform any and all actions 
necessary or deemed appropriate by such Board in order 
to effect the issuance and sale of the Notes and Bonds in 
accordance with and pursuant to this ordinance for the 
Notes and Bonds. 

The Notes and Bonds shall be dated as of the first day of 
the month next following the date on which the Notes and 
Bonds are sold unless the Board of Finance shall specify a 
different date by a resolution adopted pursuant to this 
ordinance, and the Notes and Bonds shall bear interest at 
an annual rate or rates payable semi-annually following 
the date of the Notes and Bonds so that, if the Notes and 
Bonds are dated October 1, 1981, interest on the Notes and 



ORDINANCES 1529 

Bonds will be payable on March 1, 1982 and semi-annually 
thereafter each October 1 and March 1 unless the Board of 
Finance shall specify more frequent or different dates by 
a resolution adopted pursuant to this ordinance. 

The Notes and Bonds issued hereunder shall mature on 
the date or dates provided in a resolution of the Board of 
Finance adopted pursuant to this ordinance, but the last 
maturity of each series of Notes shall in no event exceed a 
period of five (5) years from the date of such series of 
Notes and the last maturity of each series of the Bonds 
shall in no event exceed a period of forty (40) years from 
the date of such series of Bonds. If the resolution of the 
Board of Finance does not provide any maturity or matu- 
rities for the Notes, all of the Notes of a series shall 
mature on the date five (5) years from the date of such 
series of Notes. For example, if the Note is dated Septem- 
ber 30, 1981, all of the Notes of such series will mature 
(in the absence of a resolution of the Board of Finance 
determining otherwise) on September 30, 1986. If the 
resolution of the Board of Finance does not provide any 
maturity or maturities for the Bonds, all of the Bonds of a 
series shall mature on the date thirty-two (32) years from 
the date of such series of the Bonds. For example, if the 
Bond is dated September 30, 1981, all the Bonds of such 
series will mature (in the absence of a resolution of the 
Board of Finance determining otherwise) on September 
30, 2013. 

Sec. 3. And be it further ordained, That, prior to the 
sale of the Notes and Bonds, the Board of Finance, unless 
the City shall otherwise prescribe, m.ay determine by 
resolution ; 

(1) the provisions of trust between the City and the 
Trustee ; 

(2) the manner of execution, authentication, registra- 
tion and transfer of the Notes and Bonds; 

(3) provisions for authentication and delivery of the 
Notes and Bonds ; 

(4) the provisions of the Roundhouse Square Residen- 
tial Construction Loan Program and of the Roundhouse 
Square Residential Mortgage Loan Program, including 



1530 ORDINANCES Ord. No. 481 

(i) the terms of the construction loans and of the Con- 
struction Mortgages acquired under the Roundhouse 
Square Residential Construction Loan Program, (ii) the 
terms of the mortgage loans and of the Unit Mortgages 
acquired under the Roundhouse Square Residential Mort- 
gage Loan Program, and (iii) the terms of any servicing 
agreement between the City and a mortgage servicer for 
the Construction Mortgages and the Unit Mortgages; 

(5) the terms of the private insurance, public insur- 
ance or other security for the Notes and Bonds; 

(6) provisions for creation, holding and disbursement 
of a construction loan and a program fund to be held by 
the Trustee ; 

(7) provisions for creation, holding and disbursement 
of any other funds and accounts to be held by the Trustee ; 

(8) provisions for the application of the Revenue Note 
and Bond Loan Program Revenues; 

(9) provisions for the security for and investment of 
moneys held by the Trustee; 

(10) the details of the procedure for the redemption 
of the Notes and Bonds; 

(11) remedies for Bondholders in the event of default; 

(12) the duties, rights and immunities of the Trustee; 

(13) the manner of execution of instruments by Bond- 
holders and the method of proof of ownership of the Notes 
and Bonds ; 

(14) provisions for modification of this ordinance; 

(15) provisions for defeasance of the Notes and Bonds ; 

(16) the forms of the Notes and Bonds, coupons and 
the Trustee's authentication certificathe, and 

(17) such other matters in connection with the autho- 
rization, issuance, security, sale and payment of the Notes 
and Bonds as may be deemed appropriate by the Board of 
Finance. 

Any resolution of resolutions adopted pursuant to this 
ordinance shall be deemed to be of an administrative 
nature. 



ORDINANCES 1531 

Sec. 4. And be it further ordained, That, the Board of 
Finance may approve the issuance of the Notes and Bonds 
in one or more series from time to time as the Board of 
Finance by resolution adopted pursuant to this ordinance 
deems necessary or appropriate in connection with the 
schedule, as amended from time to time, of the Roundhouse 
Square Residential Development Program. It is hereby 
declared that singular terms shall include the plural and 
plural the singular so that each provision of this ordinance 
shall apply to each series of Notes and Bonds. 

Sec. 5. And be it further ordained, That Mayor and City 
Council may attend this ordinance from time to time as 
necessary and appropriate to increase the authorization 
for revenue notes and revenue bonds for the Roundhouse 
Square Residential Development Program for increased 
costs or other changes in the Roundhouse Square Resi- 
dential Development Program for the Project areas, or 
otherwise. 

Sec. 6. And be it further ordained, That, if any action 
or any matter delegated to the Board of Finance, or autho- 
rized for implementation by the Board of Finance, shall 
not be acted upon by the Board of Finance, such actions 
and matters may be acted upon or implemented by a reso- 
lution approved by the City Council of the City, which is 
subsequently approved by the Mayor or acting Mayor of 
the City. 

Sec. 7. And be it further ordained. That, the provisions 
of this ordinance are severable, and if any provision, sen- 
tence, clause, section or part thereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or cir- 
cumstances, such illegality, invalidity or unconstitutional- 
ity, or inapplicability shall not affect or impair any of the 
remaining provisions, sentences, clauses, sections, or parts 
of this ordinance or its applications to other persons or 
circumstances. It is hereby declared to be the legislative 
intent that this ordinance would have been adopted if such 
illegal, invalid or unconstitutional provisions, sentence, 
clause, section or part had not been included therein, and 
if the person or circumstances to which this ordinance or 
any part thereof is inapplicable had been specifically ex- 
empted therefrom. 



1532 ORDINANCES Ord. No. 482 

Sec. 8. And be it further ordained, That, this ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor. 



No. 482 
(Council No. 860) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
YORK— WOODBOURNE 

Residential Development Program 

FOR the purpose of authorizing and providing for the issu- 
ance, sale and delivery, by the Maj^or and City Council of 
Baltimore (the ''City") of its revenue obligations for the 
York — Woodbourne Residential Development Program (as 
defined in this ordinance) consisting of its revenue notes, 
to be used in part to pay the costs of construction of resi- 
dential units as described in this ordinance, designated 
"Single-Family Construction Mortgage Revenue Notes 
(York — Woodbourne Loan Program)" in the aggregate 
principal amount not exceeding $2,500,000, and of its 
revenue bonds, to be used in part to provide mortgage 
financing for the purchasers of owner-occupied residential 
units described in this ordinance, designated ''Single- 
Family Mortgage Revenue Bonds (York — Woodbourne 
Loan Program)" in the aggregate principal amount not 
exceeding $3,000,000, each pursuant to the provisions of 
Subsections (51) and (50) of Article II of the Charter of 
Baltimore City (1964 Revision, as amended), in order to 
use the proceeds for the sole and exclusive purpose of 
financing the York — Woodbourne Residential Construc- 
tion Loan Program (as defined in this ordinance) each as 
part of the York — Woodbourne Residential Development 
Program (as defined in this ordinance) for the Project 
Areas within the York — Woodbourne Area (each as de- 
fined in this ordinance) in the City of Baltimore, includ- 



ORDINANCES 1533 

ing (without limitation) the purchase, the contracting to 
purchase or the acquisition of mortgage loans bearing 
interest rates below those generally prevailing (at the 
time of purchase or contract to purchase) in the private 
mortgage market (to the extent such a market exists at 
that time) for loans of comparable quality and term in 
the City of Baltimore, as provided in this ordinance, for 
the public purpose of developing readily available sources 
of money at low and moderate cost for the York — Wood- 
bourne Residential Development Program (as defined in 
this ordinance) for the Project Areas within the York — 
Woodbourne Area (each as defined in this ordinance) 
within the City of Baltimore; making certain legislative 
findings, among others, concerning the public benefit and 
purpose of such revenue notes and revenue bonds; pro- 
viding that (a) such revenue notes and revenue bonds 
shall be payable solely and only from Revenue Note and 
Bond Loan Program Revenues (as defined in this ordi- 
nance) and (to the extent provided by resolution of the 
Board of Finance of the City adopted pursuant to this 
ordinance) certain proceeds or such revenue notes and 
revenue bonds and (b) such revenue notes and revenue 
bonds shall not ever constitute, within the meaning of 
Section 7 of Article XI of the Constitution of Maryland 
or any other constitutional, statutory or charter provision 
or otherwise (i) a debt or general obligation of the City 
or any other political subdivision or (ii) a pledge of or an 
involvement of the faith and credit or the taxing powers 
of the City or any other political subdivision ; authorizing 
and empowering the Board of Finance of the City by reso- 
lution (i) to determine and set forth certain matters per- 
taining to the revenue notes and the revenue bonds in- 
cluding (without limitation) the form, terms, provisions 
(including redemption provisions and sinking fund re- 
quirements, if any), manner or method of issuing and 
selling (including negotiated as well as competitive bid 
sale), and the time or times of issuance and any and all 
other details of such revenue notes and revenue bonds, 
(ii) to do any and all things necessary, proper or ex- 
pedient in connection with the issuance and sale of such 
revenue notes and revenue bonds, including (without 
limitation) to approve the form of construction loan 
agreements in connection with such revenue notes, to 



1534 ORDINANCES Ord. No. 482 

aprove the form of servicing agreements in connection 
with such revenue notes and bonds, to prepare and dis- 
tribute preliminary and final official statements or pre- 
liminary and final placement memoranda or circulars in 
connection with the sale of such revenue notes and reve- 
nue bonds, to determine the dates, times and places when 
underwriting or placement agreements or purchase agree- 
ments shall be submitted by the underwriters or place- 
ment agents for such revenue notes and revenue bonds or 
the purchasers of such revenue notes or revenue bonds 
and to determine certain of the terms of such agreements, 
to determine the interest rate or rates to be paid by the 
City on such revenue notes and revenue bonds and to 
appoint a trustee for such revenue notes and revenue 
notes and revenue bonds, and (iii) to approve the form of 
trust agreements between the City and the trustee, which 
trust agreements may (a) pledge or assign all or any part 
of the security for such revenue notes and revenue bonds, 
(b) contain reasonable and proper provisions for the pro- 
tection and enforcement of the rights and remedies of 
the holders of such revenue notes and revenue bonds, (c) 
set forth the rights and remedies of the holders of such 
revenue notes and revenue bonds and of the trustee and 
restrict the individual right of action by the holders of 
such revenue notes and revenue bonds, and (d) contain 
whatever other provisions are deemed reasonable and 
proper for the security of the holders of such revenue 
notes and revenue bonds; providing that all or a portion 
of such revenue notes and revenue bonds may be refunded 
pursuant to a subsequent ordinance of the City; and 
generally providing for and determining various matters 
in connection with the authorization, issuance, security, 
sale and payment of such revenue obligations for the 
York — Woodbourne Residential Development Program 
(as defined in this ordinance). 

RECITALS 

A. Subsection (51) — Loans to Facilitate Low and 
Moderate Cost Residential Mortgage Financing Within 
the City, of Article II of the Charter of Baltimore City 
(1964 Revision, as amended) (''Subsection 51") author- 
izes Mayor and City Council of Baltimore (the "City") to 
borrow money by the issuance and sale of its revenue 



ORDINANCES 1535 

notes and revenue bonds and to utilize the proceeds of the 
notes and bonds to develop an owner-occupancy residen- 
tial mortgage loan program in the City of Baltimore, 
Maryland (''Baltimore") to provide readily available 
sources of money at low and moderate cost for such resi- 
dential mortgage loans within Baltimore through the 
purchase, contracting to purchase or other acquisition of 
mortgage loans (i) bearing interest rates below those 
generally prevailing (at the time of purchase or contract 
to purchase) in the private mortgage market (to the 
extent such a market exists at that time) for loans of 
comparable quahty and term in Baltimore and (ii) hav- 
ing whatever other terms and characteristics as may be 
determined by the City. Subsection (51) requires that 
revenue notes and revenue bonds authorized thereunder 
shall be issued pursuant to Subsection (50) — Revenue 
Bonds and Obligations, of the Charter of Baltimore City 
(1964 Revision, as amended). 

B. Subsection (50) — Revenue Bonds and Obligations, 
of Article II of the Charter of Baltimore City (1964 Re- 
vision, as amended) ("Subsection (50)") authorizes the 
City to borrow money through the issuance and sale of 
its revenue notes and revenue bonds for the accomplish- 
ment of any of the purposes, objects and powers of the 
City. Revenue notes and revenue bonds issued pursuant 
to Subsection (50) shall be payable, as to both principal 
and interest, solely from and secured solely by (i) the 
revenues from or arising in connection with the property, 
facilities, developments and improvements whose financ- 
ing is undertaken by issuance of the notes or bonds, (ii) 
the revenues from or arising in connection with any con- 
tracts, mortgages or other securities purchased or other- 
wise acquired with the proceeds of the notes or bonds, 
(iii) the contracts, mortgages or other securities pur- 
chased or otherwise acquired with the proceeds of the 
notes or bonds, or (iv) anv combination of (i), (ii) or 
(iii). 

C. Subsection (50) further authorizes the City to 
authorize and empower the Board of Finance of the City 
by resolution (i) to determine and set forth certain mat- 
ters pertaining to the revenue notes and revenue bonds, 
including (without limitation) the forms, terms, provi- 



1536 ORDINANCES Ord. No. 482 

sions, manner or method of issuing and selling (including 
negotiated as well as competitive bid sale), and the time 
or times of issuance and any and all other details of such 
revenue notes or revenue bonds, (ii) to do any and all 
things necessary, proper or expedient in connection with 
the issuance and sale of such revenue notes or revenue 
bonds, and (iii) to approve the form of a trust agreement 
between the City and the trustee, which trust agreement 
may (a) pledge or assign all or any part of the security 
for such notes or bonds, (b) contain reasonable and 
proper provisions for the protection and enforcement of 
the rights and remedies of the holders and such notes or 
bonds, (c) set forth the rights and remedies of the hold- 
ers of such notes or bonds and of the trustee and restrict 
the individual rights of action by the holders of the notes 
or bonds, and (d) contain whatever other provisions are 
deemed reasonable and proper for the security of the 
holders of such notes or bonds. 

D. Subsection (51) and Subsection (50) are referred 
to herein collectively as the ''Enabling Laws". 

E. Subsection (51) declares, among other things, that 
borrowing money thereunder by the issuance of revenue 
notes or revenue bonds shall be for the essential public 
purpose of (i) preserving a healthy and viable economy 
within Baltimore, (ii) encouraging and facilitating the 
creation or maintenance of a healthy and ready market 
for residential real estate in Baltimore, including (with- 
out limitation) the ready sale and purchase of existing 
residential real estate and the purchase, acquisition, con- 
struction, erection or development of buildings or struc- 
tures for owner-occupied residential purposes, including 
any land necessary therefor, within the boundaries of 
Baltimore, (iii) encouraging and facilitating the purchase 
of residential real property in Baltimore in order to main- 
tain and encourage growth in real property assessments 
in Baltimore, and (iv) preserving the public health, 
safety and welfare of the residents of Baltimore by en- 
abling residents of Baltimore of all income levels to 
finance readily their housing needs in Baltimore, thus 
discouraging the proliferation of vacant and substandard 
housing in Baltimore and retarding or reversing the 
movement of financially self sufficient taxpayers to sur- 
rounding subdivisions. 



ORDINANCES 1537 

F. The Project Area of the York — Woodbourne Resi- 
dential Development Program shall be located in the City 
of Baltimore in the 5100 block of York Road. Consisting 
of single family residential dwelHng units including but 
not limited to townhouse, condominiums, cooperatives, or 
other residential structures. 

G. As part of the development of the York — Wood- 
bourne Area, the City seeks to promote owner-occupied 
residential units within Baltimore and the York — Wood- 
bourne Area offering a variety of good housing accomo- 
dations in an attractive environment (such programs as 
it may have heretofore or may hereafter be amended, or 
supplemented or extended to other areas from time to 
time called the "York — Woodbourne Residential Develop- 
ment Program"). 

H. Pursuant to the York — Woodbourne Residential 
Development Program, the City proposes to provide nec- 
essary construction financing as determined from time to 
time (such program as it may have heretofore or may 
hereafter be amended, supplemented or extended to other 
areas from time to time called the ''York — Woodbourne 
Residential Construction Loan Program" for developers 
and builders (herein "developers"), and necessary long- 
term mortgage financing (such program as it may have 
heretofore or may hereafter be amended, supplemented 
or extended to other areas from time to time called 
"York — Woodbourne Residential Mortgage Loan Pro- 
gram") for purchasers (herein "mortgagors") of residen- 
tial units in the Project Area through several issues of 
the City's revenue notes and revenue bonds. 

L Pursuant to the Enabling Laws, the City has deter- 
mined to issue and sell in an amount not to exceed 
$2,500,000, aggregate principal amount of its "Single- 
Family Construction Mortgage Revenue Notes (York — 
Woodbourne Loan Program)", (the "Notes") and to use 
the proceeds of the Notes to provide construction financ- 
ing for development of an owner-occupancy residential 
loan program for the York — W'oodbourne Residential De- 
velopment Program which loan program will include 
(without limitation) the financing of construction loans 
for the developer. 



1538 ORDINANCES Ord. No. 482 

J. Pursuant to the Enabling Laws, the City has de- 
teiTnined to issue and sell in an amount not to exceed 
$3,900,000, aggregate principal amount of its ''Single- 
Family iMortgage Revenue Bonds (York — Woodbourne 
Loan Program)", (the "Bonds") and to use the proceeds 
of the Bonds, to develop an owner-occupancy residential 
loan program for the York — Woodbourne Residential 
Development Program, which loan program will include 
(without limitation) the financing of mortgage loans for 
the Mortgagors. 

K. The City has determined to issue and sell the Notes 
and the Bonds to effectuate the public purpose of (i) pre- 
serving a healthy and viable economy within Baltimore, 
(ii) encouraging and facilitating the creation or mainte- 
nance of a healthy and ready market for residential real- 
estate in Baltimore, including (without limitation) the 
ready sale and purchase of existing residential real estate 
and the purchase, acquisition, construction, erection or 
development of buildings or structures for owner-occupied 
residential purposes, including any land necessary there- 
for, within the boundaries of Baltimore, (iii) encouraging 
and facilitating the purchase of residential real property 
in Baltimore in order to maintain and encourage growth 
in real property assessments in Baltimore, and (iv) pre- 
serving the public health, safety and welfare of the 
residents of Baltimore by enabling residents of Baltimore 
of all income levels to finance readily their housing needs 
in Baltimore, thus discouraging the proliferation of va- 
cant and substandard housing in Baltimore and retarding 
or reversing the movement of financially self sufficient 
taxpayers to surrounding subdivisions. 

L. Pursuant to authority provided in Article XI-H of 
the Constitution of Maryland and laws enacted pursuant 
thereto, the City from time to time has general funds 
available for use to make or contract to make or to guar- 
antee or insure financial loans to any person or other legal 
entity to be used for or in connection wath the purchase, 
acquisition, construction, erection or development of 
buildings or structures, including any land necessary 
therefor, within the boundaries of Baltimore, which build- 
ing or structures are to be used or occupied for residential 
purposes. Pursuant to such authoritj^ or as otherwise 



ORDINANCES 1539 

may be permitted by applicable law, the City, acting 
through the Department of Housing and Community De- 
velopment of the City and the Board of Estimates of the 
City, may deteiTnine from time to time to make, guaran- 
tee or insure financial loans in connection with the owner- 
occupied residential units for the Project Areas to sup- 
plement the proceeds of the Notes and Bonds to develop 
the York — Woodbourne Residential Construction Loan 
Program and the York — Woodbourne Residential Mort- 
gage Loan Program as an integral part of the York — 
Woodbourne Residential Development Program. 

M. The City has determined to use, in part, the pro- 
ceeds of the Bonds to provide mortgage financing to the 
purchasers of the owner-occupied residential units in the 
Project Areas pursuant to the Inner Harbor Residential 
Development Program by making loans to finance such 
purchases. 

Section 1. Be it ordained by Mayor and City Council of 
Baltimore, That, acting pursuant to the Enabling Laws, it 
is hereby found and determined, as follows : 

(1) The issuance of revenue notes and revenue bonds by 
the City pursuant to the Enabling Laws to develop the 
York — Woodbourne Residential Construction Loan Pro- 
gram and the York — W^oodbourne Residential Mortgage 
Loan Program each as a part of the York — Woodbourne 
Residential Development Program in Baltimore through the 
purchase, contracting to purchase or other acquisition of 
mortgage loans (i) bearing interest rates below those gen- 
erally prevailing (at the time of purchase or contract to 
purchase) in the private mortgage market (to the extent 
such a market exists at that time) for loans of comparable 
quality and term in Baltimore and (ii) having the terms and 
characteristics as determined by this ordinance and the 
Board of Finance acting pursuant to this ordinance, will 
encourage and facilitate the purchase of residential prop- 
erty in the Project Area by residents of Baltimore of all 
income levels. 

(2) The accomplishment of the transactions contem- 
plated and authorized by this ordinance, including (without 
limitation) the development of the York — Woodbourne 
Residential Construction Loan Program and the York — 



1540 ORDINANCES Ord. No. 482 

Woodbourne Residential Mortgage Loan Program, will ac- 
complish a public purpose and meet existing public needs 
by (i) preserving a healthy and viable economy within 
Baltimore, (ii) encouraging and facihtating the creation or 
maintenance of a healthy and ready market for residential 
real estate in Baltimore, including (without limitation) the 
ready sale and purchase of existing residential real estate 
and the purchase, acquisition, construction, erection or de- 
velopment of buildings or structures for owner-occupied 
residential purposes, including any land necessary therefor, 
within the boundaries of Baltimore City, (iii) encouraging 
and facilitating the purchase of residential real property in 
Baltimore in order to maintain and encourage growth in 
real property assessments in Baltimore, and (iv) preserving 
the public health, safety and welfare of the residents of 
Baltimore by enabling residents of Baltimore of all income 
levels to finance readily their housing needs in Baltimore, 
thus discouraging the proliferation of vacant and sub- 
standard housing in Baltimore and retarding or reversing 
the movement of financially self sufficient taxpayers to sur- 
rounding subdivisions. 

(3) Neither notes or bonds nor interest coupons issued 
under the authority of the Enabling Laws constitute (i) a 
debt or general obligation of the City or any other political 
subdivisions, or (ii) a pledge of or an involvement of the 
faith and credit or the taxing pow^ers of the City or any 
other political subdivision, all within the meaning of Sec- 
tion 7 of Article XI of the Constitution of Maryland or any 
other constitutional, statutory or charter provision. The 
principal of and interest on the Notes and Bonds shall be 
payable from, and secured by, (i) an assignment of pay- 
ments, proceeds, charges, rents and any other income or 
pa\TQents (except certain escrow payments) to be derived 
in cash by or for the account of the City from or related to 
the York — Woodbourne Residential Construction Loan Pro- 
gram and the York — Woodbourne Residential ^Mortgage 
Loan Program, including (without limitation) payments (as 
determined by resolution of the Board of Finance adopted 
pursuant to this ordinance) of principal and interest on 
construction mortgage loans made by the City to the devel- 
oper of owner-occupied residential units in the York — 
Woodbourne Residential Development Program and on 
mortgage loans made by the City to ^Mortgagors (all such 



ORDINANCES 1541 

income or payments called the ''Revenue Note and Bond 
Loan Program Revenues") and (ii) (to the extent provided 
by resolution of the Board of Finance adopted pursuant to 
this ordinance) proceeds of the Notes and Bonds. The 
principal of and interest on the Notes shall be secured by 
without limitation) construction mortgages from the de- 
veloper in connection with the York — Woodbourne Residen- 
tial Construction Loan Program (the ''Construction Mort- 
gages"). The principal of and interest on the Bonds shall be 
secured by (without limitation) mortgages from Mortgagors 
in connection with the York — Woodbourne Residential 
Mortgage Loan Program (the "Unit Mortgages"). The 
Notes and Bonds may be additionally secured (without in 
any way specifying or limiting the terms of such additional 
security) by (i) insuring all or a part of the Unit Mort- 
gages by private mortgage insurance provided by one or 
more private mortgage insurers selected by the Board of 
Finance ; or (ii) insuring all or a part of the Unit Mortgages 
through the Maryland Housing Fund or such other Federal, 
State or municipal fund or other agency permitted by appli- 
cable law to perform such insuring functions; or (iii) as- 
signing the proceeds of the mortgage insurance to the 
trustee for the holders of the Notes and Bonds (the "Bond- 
holders") ; or (iv) such other security as the Board of 
Finance may by resolution approve ; or (v) any combination 
of (i), (ii), (iii) and (iv). 

The principal amount of the Notes and Bonds will be paid 
directly to, and will be disbursed by, the independent trustee 
or trustees appointed by the Board of Finance pursuant to 
this ordinance (the "Trustee"). No such moneys will be 
either commingled with the City's general funds or made 
subject to the absolute control of the City, except for such 
limited supervision and checks as are deemed necessary or 
desirable by the City to insure that the proceeds of the 
Notes and Bonds are used to accomplish the public purposes 
of the Enabling Laws and this ordinance. The Revenue 
Note and Bond Loan Program Revenues, in the case of con- 
struction financing for the developer, will be paid by the 
developer to the Trustee as servicer for the Construction 
Mortgages or as Trustee for the York — Woodbourne Resi- 
dential Construction Loan Program, as stipulated in the 
construction loan agreement or agreements to be entered 
into by the City with an agent, or agents, for construction 



1542 ORDINANCES Ord. No. 482 

loan servicing of the Construction Mortgages. The Revenue 
Note and Bond Loan Program Revenues, in the case of 
financing for Mortgagors, will be paid by the ^Mortgagors 
to the mortgage servicer or servicers for the York — Wood- 
bourne Residential Mortgage Loan Program, as stipulated 
in the servicing agreement or agreements to be entered 
into by the City with a servicing agent or agents for the 
Unit Mortgages, and the Revenue Note and Bond Loan Pro- 
gram Revenues, less the servicing fee to be approved by the 
Board of Finance, shall be paid by such servicer to the 
Trustee. The transactions authorized hereby do not consti- 
tute a public improvement or a capital project within the 
meaning of any charter or statutory provision. The public 
purposes expressed in this ordinance are intended to be 
achieved by providing residential low and moderate cost 
mortgage construction loans to the developer of the York — 
Woodbourne Residential Development Program and resi- 
dential low and moderate cost mortgage loans to the Mort- 
gagors, each within Baltimore; preserving a healthy econ- 
omy within Baltimore; fostering a healthy market for 
residential real estate in Baltimore; fostering the purchase 
of residential real property in Baltimore and providing 
affordable housing within Baltimore, thus discouraging the 
movement of taxpayers to surrounding subdivisions. 

Sec. 2. And be it further ordained, That, the issuance, 
sale and delivery of not exceeding $2,500,000, aggregate 
principal amount of revenue notes, hereby designated 
''Single-Family Construction Mortgage Revenue Notes 
(York — Woodbourne Loan Program)", and the issuance, 
sale and delivery of not exceeding $3,000,000, aggregate 
principal amount of revenue bonds, hereby designated 
"Single-Family Mortgage Revenue Bonds (York — Wood- 
bourne Loan Progi^am)" are hereby authorized, subject to 
the provisions of this ordinance, the proceeds to be used to 
develop the York — Woodbourne Residential Construction 
Loan Program and the York — Woodbourne Residential 
Mortgage Loan Program as a part of the York — Wood- 
bourne Residential Development Program, all as set forth 
in this ordinance. In addition to the disbursement of Note 
and Bond proceeds for construction loans and mortgage 
loans under the York — Woodbourne Residential Construc- 
tion Loan Program and the York — Woodbourne Residential 
Mortgage Loan Program, Note and Bond proceeds may be 



ORDINANCES 1543 

disbursed (without limitation) (i) with respect to construc- 
tion loans, to pay all costs of planninof, development and 
construction of the owner-occupied residential units for the 
York — Woodbourne Residential Development Program in- 
cluding (without limitation) architect's and engineers' fees 
and expenses, commitment fees, title insurance and recorda- 
tion fees and taxes, land costs, land development costs, 
interest during the construction period ,construction mate- 
rials and equipment, construction contracting services and 
payment and performance bonds, (ii) to pay the cost of 
issuance and sale of the Notes and Bonds, including (with- 
out limitation) costs of printing Notes and Bonds, the 
official statement and other legal documents, costs of de- 
livery of the Notes and Bonds, commitment fees, legal fees, 
accounting fees, underwTiting costs, advertising costs, costs 
of rating agency reviews and all other incidential related 
expenses and (iii) (to the extent provided by resolution of 
the Board of Finance adopted pursuant to this ordinance) 
to fund a debt service reserve or other reserve funds for the 
Notes and Bonds. The Notes and Bonds shall be solely and 
exclusively payable from the Revenue Note and Bond Loan 
Program Revenues and (to the extent provided by resolu- 
tion of the Board of Finance adopted pursuant to this ordi- 
nance) certain Note and Bond proceeds. The Notes and 
Bonds shall be secured (to the extent provided by resolution 
of the Boards of Finance adopted pursuant to this ordi- 
nance) by (without limitation) the Construction Mortgages 
and the Unit Mortgages. The Board of Finance may re- 
quire, however, that the Notes and Bonds be additionally 
secured by (i) insuring the Construction Mortgages and 
Unit Mortgages through private mortgage insurance pro- 
vided by one or more private mortgage insurers selected by 
the Board of Finance; or (ii) insuring the Construction 
Mortgages and Unit Mortgages through the Maryland 
Housing Fund or such Federal, State, or municipal fund or 
other agency permitted by applicable law to perform such 
insuring functions; or (iii) assigning the proceeds of the 
mortgage insurance to the Trustee for the Bondholders ; or 
(iv) such other security as the Board of Finance may ap- 
prove; or (v) any combination of (i), (ii), (iii) and (iv). 
The aggregate principal amount of Notes issued, sold and 
delivered pursuant to this ordinance shall not exceed 
$2,500,000, and the aggregate principal amount of the Bonds 



1544 ORDINANCES Ord. No. 482 

issued, sold and delivered pursuant to this ordinance shall 
not exceed $3,000,900, unless such amount or amounts, in 
each case, shall be increased by an ordinance of the City 
supplemental hereto. The City contemplates that, because 
of inflation and other factors which may occur during the 
development and construction periods of the Project Area, 
the City will amend or supplement this ordinance from 
time to time to increase such amounts or otherwise to pro- 
vide for matters affecting the York — Woodbourne Residen- 
tial Development Program. Nothing in this ordinance is 
intended or shall be deemed to exclude the issuance of re- 
funding bonds to refund all or a portion of the Notes or 
Bonds, and the adoption of a subsequent ordinance or ordi- 
nances for such purpose is expressly contemplated by this 
ordinance. 

In accordance with the Enabhng Laws, the City hereby 
authorizes the Board of Finance, unless the City shall 
otherwise prescribe prior to the issuance and delivery of 
the Notes or Bonds, by resolution to take the following 
actions and to make the following commitments on behalf 
of the City : 

(a) to determine and set forth the form, terms, provi- 
sions (including redemption provisions and sinking fund 
requirements, if any), manner or method of issuing and 
selling (including negotiated or competitive bid sale) and 
the time or times of issuance and any and all other details 
of the Notes and Bonds ; 

(b) to determine and set forth the form, terms and pro- 
visions of construction loan agreements, servicing agree- 
ments and all other construction and mortgage loan and 
other documents in connection with the Notes and Bonds; 

(c) to prepare and distribute, in conjunction with the 
prospective underwriters or placement agents, if any, for 
the Notes and Bonds, preliminary and final official state- 
ments or placement memoranda or circulars as the Board 
of Finance deems necessary and appropriate in connection 
with the sale of the Notes and Bonds; provided, however, 
that any such preliminary ofliiical statements or placement 
memoranda or circulars shall be clearly marked to indicate 
that they are subject to completion and amendment; 



ORDINANCES 1545 

(d) to determine the dates, times and places when an 
underwriting or placement agreement or purchase contract 
shall be submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 
Bonds, such underwriting or placement agreement or pur- 
chase contract to specify the interest rate or rates proposed 
to be paid on the Notes and Bonds, the price at which such 
Notes and Bonds are to be sold to such underwriters, place- 
ment agents or purchasers, and such other matters as the 
underwriters, placement agents or purchasers and the Board 
of Finance may deem necessary or desirable in order to 
effect the sale and delivery of the Notes and Bonds ; 

(e) to determine the interest rate or rates to be paid 
by the City on the Notes and Bonds in accordance with the 
proposed underwriting or placement agreement or purchase 
contract submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 
Bonds ; 

(f ) to appoint, as the Board of Finance deems necessary 
and appropriate, a bank having trust powers, or a trust 
company, as trustee for the Notes and Bonds to be issued 
pursuant to this ordinance ; and 

(g) to approve the form of trust agreements between 
the City and the Trustee, which trust agreements may (i) 
pledge or assign all or any part of the security of the Notes 
and Bonds, (ii) contain reasonable and proper provisions 
for the protection and enforcement of the rights and reme- 
dies of the Bondholders, (iii) set forth the rights and 
remedies of the Bondholders and the Trustee and may 
restrict the individual right of action by the Bondholders, 
and (iv) contain whatever other provisions are deemed rea- 
sonable and proper for the security of the Bondholders. 

Tlie Board of Finance shall perform any and all actions 
necessary or deemed appropriate by such Board in order to 
effect the issuance and sale of the Notes and Bonds in ac- 
cordance with and pursuant to this ordinance and the 
underwriting or placement agreements or purchase con- 
tracts for the Notes and Bonds. 

The Notes and Bonds shall be dated as of the first day of 
the month next following the date on v/hich the Notes and 
Bonds are sold unless the Board of Finance shall specify a 



1546 ORDINANCES Ord. No. 482 

different date by a resolution adopted pursuant to this ordi- 
nance, and the Notes and Bonds shall bear interest at an 
annual rate or rates payable semi-annually following the 
date of the Notes and Bonds so that, if the Notes and Bonds 
are dated October 1, 1981, interest on the Notes and Bonds 
will be payable on March 1, 1982 and semi-annually there- 
after each October 1 and ]\Iarch 1 unless the Board of 
Finance shall specify more frequent or different dates by a 
resolution adopted pursuant to this ordinance. 

The Notes and Bonds issued hereunder shall mature on 
the date or dates provided in a resolution of the Board of 
Finance adopted pursuant to this ordinance, but the last 
maturity of each series of Notes shall in no event exceed a 
period of five (5) years from the date of such series of 
Notes and the last maturity of each series of the Bonds 
shall in no event exceed a period of forty (40) years from 
the date of such series of Bonds. If the resolution of the 
Board of Finance does not provide any maturity of maturi- 
ties for the Notes, all of the Notes of a series shall mature 
on the date five (5) years from the date of such series of 
Notes. For example, if the Note is dated September 30, 
1981, all of the Notes of such series will mature (in the 
absence of a resolution of the Board of Finance determining 
otherwise) on September 30, 1986. If the resolution of the 
Board of Finance does not provide any maturity or maturi- 
ties for the Bonds, all of the Bonds of a series shall mature 
on the date thirty-two (32) years from the date of such 
series of the Bonds. For example, if the Bond is dated Sep- 
tember 30, 1981, all the Bonds of such series will mature 
(in the absence of a resolution of the Board of Finance 
determining otherwise on September 30, 2013. 

Sec. 3. And be it further ordained. That, prior to the sale 
of the Notes and Bonds, the Board of Finance, unless the 
City shall otherwise prescribe, may determine by resolu- 
tion: 

(1) the provisions of trust between the City and the 
Trustee ; 

(2) the manner of execution, authentication, registra- 
tion and transfer of the Notes and Bonds ; 

(3) provisions for authentication and deHvery of the 
Notes and Bonds ; 



ORDINANCES 1547 

(4) the provisions of the York — Woodbourne Residen- 
tial Construction Loan Program and of the York — Wood- 
bourne Residential Mortgage Loan Program, including (i) 
the terms of the construction loans and of the Construction 
Mortgages acquired under the York — Woodbourne Residen- 
tial Construction Loan Program, (ii) the terms of the 
mortgage loans and of the Unit Mortgages acquired under 
the York — Woodbourne Residential Mortgage Loan Pro- 
gram, and (iii) the terms of any servicing agreement be- 
tween the City and a mortgage servicer for the Construction 
Mortgages and the Unit Mortgages ; 

(5) the terms of the private insurance, public insurance 
or other security for the Notes and Bonds ; 

(6) provisions for creation, holding and disbursement of 
a construction loan and a program fund to be held by the 
Trustee ; 

(7) provisions for creation, holding and disbursement 
of any other funds and accounts to be held by the Trustee ; 

(8) provisions for the application of the Revenue Note 
and Bond Loan Program Revenues ; 

(9) provisions for the security for an investment of 
moneys held by the Ti'ustee ; 

(10) the details of the procedure for the redemption of 
the Notes and Bonds ; 

(11) remedies for Bondholders in the event of default; 

(12) the duties, rights and immunities of the Ti^ustee; 

(13) the manner of execution of instruments by Bond- 
holders and the method of proof of o^\Tiership of the Notes 
and Bonds ; 

(14) provisions for modification of this ordinance; 

(15) provisions for defeasance of the Notes and Bonds; 

(16) the forms of the Notes and Bonds, coupons and the 
Trustee's authentication certificate ; and 

(17) such other matters in connection with the authori- 
zation, issuance, security, sale and payment of the Notes 
and Bonds as may be deemed appropriate by the Board of 
Finance. 



1548 ORDINANCES Ord. No. 482 

Any resolution or resolutions adopted pursuant to this 
ordinance shall be deemed to be of an administrative nature. 

Sec. 4. And be it further ordained, That, the Board of 
Finance may approve the issuance of the Notes and Bonds 
in one or more series from time to time as the Board of 
Finance by resolution adopted pursuant to this ordinance 
deems necessary or appropriate in connection with the 
schedule, as amended from time to time, of the York — 
Woodbourne Residential Development Program. It is hereby 
declared that singular terms shall include the plural and 
plural the singular so that each provision of this ordinance 
shall apply to each series of Notes and Bonds. 

Sec. 5. And he it further ordained, That Mayor and City 
Council may amend this ordinance from time to time as 
necessary and appropriate to increase the authorization for 
revenue notes and revenue bonds for the York — Woodbourne 
Residential Development Program for increased costs or 
other changes in the York — Woodbourne Residential De- 
velopment Program for the Project areas, or othervdse. 

Sec. 6. And he it further ordained, That, if any action or 
any matter delegated to the Board of Finance, or author- 
ized for implementation by the Board of Finance, shall not 
be acted upon by the Board of Finance, such actions and 
matters may be acted upon or implemented by a resolution 
approved by the City Council of the City, which is subse- 
quently approved by the Mayor or acting Mayor of the City. 

Sec. 7. And he it further ordained, That the provisions of 
this ordinance are severable, and if any provision, sentence, 
clause, section or part thereof is held illegal, invalid or un- 
constitutional or inapplicable to any person or circum- 
stances, such illegality, invalidity or unconstitutionahty, or 
inapplicability shall not affect or impair any of the remain- 
ing provisions, sentences, clauses, sections, or parts of this 
ordinance or its applications to other persons or circum- 
stances .It is hereby declared to be the legislative intent 
that this ordinance would have been adopted if such illegal, 
invalid or unconstitutional provision, sentence, clause, sec- 
tion or part had not been included therein, and if the person 



ORDINANCES 1549 

or circumstances to which this ordinance or any part there- 
of is inapplicable had been specifically exempted therefrom. 

Sec. 8. And be it further ordained, That, this ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



No. 483 
(Council No. 861) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 

THAMES POINT 

RESIDENTIAL DEVELOPMENT PROGRAM 

FOR the purpose of authorizing and providing for the 
issuance, sale and delivery, by the Mayor and City Council 
of Baltimore (the "City") of its revenue obligations for 
the Thames Point Residential Development Program (as 
defined in this ordinance) consisting of its revenue notes, 
to be used in part to pay the costs of construction of resi- 
dential units as described in this ordinance, designated 
"Single-Family Construction Mortgage Revenue Notes 
(Thames Point Loan Program)" in the aggregate prin- 
cipal amount not exceeding $7,000,000, and of its revenue 
bonds, to be used in part to provide mortgage financing 
for the purchasers of owner-occupied residential units 
described in this ordinance, designated "Single-Family 
Mortgage Revenue Bonds (Thames Point Loan Pro- 
gram) " in the aggregate principal amount not to exceed 
$10,000,000, each pursuant to the provisions of Subsec- 
tions (51) and (50) of Article II of the Charter of 
Baltimore City (1964 Revision, as amended), in order to 
use the proceeds for the sole and exclusive purpose of 
financing the Thames Point Residential Construction 
Loan Program (as defined in this ordinance) each as 
part of the Thames Point Residential Development Pro- 
gram (as defined in this ordinance) for the Project 



1550 ORDINANCES Ord. No. 483 

Areas within the Thames Point Area (each as defined in 
this ordinance) in the City of Baltimore, including (with- 
out limitation) the purchase, the contracting to purchase 
or the acquisition of mortgage loans bearing interest rates 
below those generally prevailing (at the time of purchase 
or contract to purchase) in the private mortgage market 
(to the extent such a market exists at that time) for 
loans of comparable quality and term in the City of 
Baltimore, as provided in this ordinance, for the public 
purpose of developing readily available sources of money 
at low and moderate cost for the Thames Point Resi- 
dential Development Program (as defined in this ordi- 
nance) for the Project Areas within the Thames Point 
Area (each as defined in this ordinance) within the City 
of Baltimore; making certain legislative findings, among 
others, concerning the public benefit and purpose of such 
revenue notes and revenue bonds ; providing that (a) such 
revenue notes and bonds shall be payable solely and only 
from Revenue Note and Bond Loan Program Revenues 
(as defined in this ordinance) and (to the extend pro- 
vided by resolution of the Board of Finance of the City 
adopted pursuant to this ordinance) certain proceeds or 
such revenue notes and revenue bonds and (b) such reve- 
nue notes and revenue bonds shall not ever constitute, 
within the meaning of Section 7 of Article XI of the 
Constitution of Maryland or any other constitutional, 
statutory or charter provision or otherwise (i) a debt 
or general obligation of the City or any other political 
subdivision or (ii) a pledge of or an involvement of the 
faith and credit or the taxing powers of the City or any 
other political subdivision; authorizing and empowering 
the Board of Finance of the City by resolution (i) to 
determine and set forth certain matters pertaining to the 
the revenue notes and the revenue bonds including (with- 
out limitation) the form, terms, provisions (including 
redemption provisions and sinking fund requirements, if 
any), manner or method of issuing and selling (including 
negotiated as well as competitive bid sale) , and the time 
or times of issuance and any and all other details of such 
revenue notes and revenue bonds, (ii) to do any and all 
things necessary, proper or expedient in connection with 
the issuance and sale of such revenue notes and revenue 
bonds, including (without limitation) to approve the 
form of construction loan agreements in connection witti 



ORDINANCES 1551 

such revenue notes, to approve the form of servicing 
agreements in connection with such revenue notes and 
bonds, to prepare and distribute prehminary and final 
official statements or preliminary and final placement 
memoranda or circulars in connection with the sale of 
such revenue notes and revenue bonds, to determine the 
dates, times and places when underwriting or placement 
agreements or purchase agreements shall be submitted by 
the underwriters or placement agents for such revenue 
notes and revenue bonds or the purchasers of such reve- 
nue notes or revenue bonds and to determine certain 
of the terms of such agreements, to determine the interest 
rate or rates to be paid by the City on such revenue notes 
and revenue bonds and to appoint a trustee for such reve- 
nue notes and revenue notes and revenue bonds, and (iii) 
to approve the form of trust agreements between the City 
and the trustee, which trust agreements may (a) pledge 
or assign all or any part of the security for such revenue 
notes and revenue bonds, (b) contain reasonable and 
proper provisions for the protection and enforcement of 
the rights and remedies of the holders of such revenue 
notes and revenue bonds, (c) set forth the rights and 
remedies of the holders of such revenue notes and reve- 
nue bonds and of the trustee and restrict the individual 
right of action by the holders of such revenue notes and 
revenue bonds, and (d) contain whatever other provisions 
are deemed reasonable and proper for the security of the 
holders of such revenue notes and revenue bonds ; provid- 
ing that all or a portion of such revenue notes and reve- 
nue bonds may be refunded pursuant to a subsequent 
ordinance of the City; and generally providing for and 
determining various matters in connection with the au- 
thorization, issuance, security, sale and payment of such 
revenue obligations for the Thames Point Residential 
Development Program (as defined in this ordinance). 

RECITALS 

A. Subsection (51) — Loans to Facilitate Low and 
Moderate Cost Residential Mortgage Financing Within 
the City, of Article II of the Charter of Baltimore City 
(1964 Revision, as amended) ("Subsection 51'') author- 
izes Mayor and City Council of Baltimore (the "City") 
to borrow money by the issuance and sale of its revenue 



1552 ORDINANCES Ord. No. 483 

notes and revenue bonds and to utilize the proceeds of the 
notes and bonds to develop an owner-occupied residential 
mortgage loan program in the City of Baltimore, Mary- 
land ("Baltimore") to provide readily available sources 
of money at low and moderate cost for such residential 
mortgage loans within Baltimore through the purchase, 
contracting to purchase or other acquisition of mortgage 
loans (i) bearing interest rates below those generally pre- 
vailing (at the time of purchase or contract to purchase) 
in the private mortgage market (to the extent such a 
market exists at that time) for loans of comparable qual- 
ity and term in Baltimore and (ii) having whatever other 
terms and characteristics as may be determined by the 
City. Subsection (51) requires that revenue notes and 
revenue bonds authorized thereunder shall be issued pur- 
suant to Subsection (50) — Revenue Bonds and Obliga- 
tions, of the Charter of Baltimore City (1964 Revision, 
as amended). 

B. Subsection (50) — Revenue Bonds and Obligations, 
of Article II of the Charter of Baltimore City (1964 Re- 
vision, as amended) (''Subsection (50)") authorizes the 
City to borrow money through the isuance and sale of 
its revenue notes and revenue bonds for the accomplish- 
ment of any of the purposes, objects and powers of the 
City. Revenue notes and revenue bonds issued pursuant 
to Subsection (50) shall be payable, as to both principal 
and interest, solely from and secured solely by (i) the 
revenues from or arising in connection with the prop- 
erty, facilities, developments and improvements whose 
financing is undertaken by issuance of the notes or 
bonds, (ii) the revenues from or arising in connection 
with any contracts, mortgages or other securities pur- 
chased or otherwise acquired with the proceeds of the 
notes or bonds, (iii) the contracts, mortgages or other 
securities purchased or otherwise acquired with the pro- 
ceeds of the notes or bonds, or (iv) any combination of 
(i), (ii) or (iii). 

C. Subsection (50) further authorizes the City to 
authorize and empower the Board of Finance of the City 
by resolution (i) to determine and set forth certain mat- 
ters pertaining to the revenue notes and revenue bonds, 
(without limitation) the forms, terms, provisions, man- 



ORDINANCES 1553 

ner or method of issuing and selling (including negoti- 
ated as well as competitive bid sale), and the time or 
times of issuance and any and all other details of such 
revenue notes or revenue bonds, (ii) to do any and all 
things necessary, proper or expedient in connection with 
the issuance and sale of such revenue notes or revenue 
bonds, and (iii) to approve the form of a trust agreement 
between the City and the trustee, which trust agreement 
may be (a) pledge or asign all or any part of the secur- 
ity for such notes or bonds, (b) contain reasonable and 
proper provisions for the protection and enforcemnt of 
the rights and remedies of the holders of such notes or 
bonds, (c) set forth the rights and remedies of the hold- 
ers of such notes or bonds and of the trustee and restrict 
the individual rights of action by the holders of the notes 
or bonds, and (d) contain whatever other provisions are 
deemed reasonable and proper for the security of the 
holders of such notes or bonds. 

D. Subsection (51) and Subsection (50) are referred 
to herein collectively as the ''Enabling Laws." 

E. Subsection (51) declares, among other things, that 
borrowing money thereunder by the issuance of revenue 
notes or revenue bonds shall be for the essential public 
purpose of (i) preserving a healthy and viable economy 
within Baltimore, (ii) encouraging and facilitating the 
creation or maintenance of a healthy and ready market 
for residential real estate in Baltimore, including (with- 
out limitation) the ready sale and purchase of existing 
residential real estate and the purchase, acquisition, con- 
struction, erection or development of buildings or struc- 
tures for owner-occupied residential purposes, including 
any land necessary therefor, within the boundaries of 
Baltimore, (iii) encouraging and facilitating the pur- 
chase of residential real property in Baltimore in order 
to maintain and encourage growth in real property 
assessments in Baltimore, and (iv) preserving the pub- 
lic health, safety and welfare of the residents of Balti- 
more by enabling residents of Baltimore of all income 
levels to finance readily their housing needs in Baltimore, 
thus discouraging the proliferation of vacant and sub- 
standard housing in Baltimore and retarding or reversing 
the movement of financially self sufficient taxpayers to 
surrounding subdivisions. 



1554 ORDINANCES Ord. No. 483 

F. The Project Area of the Thames Point Residential 
Development Program shall be located in the City of 
Baltimore at 1900 Thames Street. Consisting of single 
family residential dwelling units including but not limited 
to townhouse, condominiums, cooperatives, or other resi- 
dential structures. 

G. As part of the development of the Thames Point 
Area, the City seeks to promote owner-occupied residen- 
tial units within Baltimore and the Thames Point Area 
offering a variety of good housing accommodations in an 
attractive environment (such program as it may have 
heretofore or may hereafter be amended, or supple- 
mented or extended to other areas from time to time 
called the "Thames Point Residential Development Pro- 
gram"). 

H. Pursuant to the Thames Point Residential Devel- 
opment Program, the City proposes to provide necessary 
construction financing as determined from time to time 
(such program as it may have heretofore or may here- 
after be amended, supplemented or extended to other 
areas from time to time called the ''Thames Point Resi- 
dential Construction Loan Program" for developers and 
builders (herein ''developers"), and necessary long-term 
mortgage financing (such program as it may have here- 
tofore or may hereafter be amended, supplemented or ex- 
tended to other areas from time to time called "Thames 
Point Residential Mortgage Loan Program") for pur- 
chasers (herein "mortgagors") of residential units in the 
Project Area through several issues of the City's revenue 
notes and revenue bonds. 

L Pursuant to the Enabling Laws, the Citj^ has deter- 
mined to issue and sell in an amount not to exceed 
$7,000,000, aggregate principal amount of its "Single- 
Family Construction Mortgage Revenue Notes (Thames 
Point Loan Program)", (the "Notes") and to use the 
proceeds of the Notes to provide construction financing 
for development of an owTier-occupancy residential loan 
program for the Thames Point Residential Development 
Program which loan program will include (without 
limitation) the financing of construction loans for the 
developer. 



ORDINANCES 1555 

J. Pursuant to the Enabling Laws, the City has de- 
termined to issue and sell in an amount not to exceed 
$10,000,000, aggregate principal amount of its ''Single- 
Family Mortgage Revenue Bonds (Thames Point Loan 
Program) ", (the "Bonds") and to use the proceeds of the 
Bonds, to develop an owner-occupancy residential loan 
program for the Thames Point Residential Development 
Program, which loan program will include (without 
limitation) the financing of mortgage loans for the Mort- 
gagors. 

K. The City has determined to issue and sell the 
Notes and the Bonds to effectuate the public purpose of 
(i) preserving a healthy and viable economy within 
Baltimore, (ii) encouraging and facilitating the creation 
or maintenance of a healthy and ready market for resi- 
dential real estate in Baltimore, including (without 
limitation) the ready sale and purchase of existing resi- 
dential real estate and the purchase, acquisition, con- 
struction, erection or development of buildings or struc- 
tures for owner-occupied residential purposes, including 
any land necessary therefor, within the boundaries of 
Baltimore, (iii) encouraging and facilitating the pur- 
chase of residential real property in Baltimore in order 
to maintain and encourage growth in real property assess- 
ments in Baltimore, and (iv) preserving the public 
health, safety and welfare of the residents of Baltimore 
by enabling residents of Baltimore of all income levels to 
finance readily their housing needs in Baltimore, thus dis- 
couraging the proliferation of vacant and substandard 
housing in Baltimore and retarding or reversing the 
movement of financially self sufficient taxpayers to sur- 
rounding subdivisions. 

L. Pursuant to authority provided in Article XI-H 
of the Constitution of Maryland and laws enacted pur- 
suant thereto, the City from time to time has general 
funds available for use to make on contract to make or to 
guarantee or insure financial loans to any person or other 
legal entity to be used for or in connection with the pur- 
chase, acquisition, construction, erection or development 
of buildings or structures, including any land necessary 
therefor, within the boundaries of Baltimore, which 
buildings or structures are to be used or occupied for 
residential purposes. Pursuant to such authority, or as 



1556 ORDINANCES Ord. No. 483 

otherwise may be permitted by applicable law, the City, 
acting through the Department of Housing and Commu- 
nity Development of the City and the Board of Estimates 
of the City, may determine from time to time to make, 
guarantee or insure financial loans in connection with the 
owner-occupied residential units for the Project Areas 
to supplement the proceeds of the Notes and Bonds to de- 
velop the Thames Point Residential Construction Loan 
Program and the Thames Point Residential Mortgage 
Loan Program as an integral part of the Thames Point 
Residential Development Program. 

M. The City has determined to use, in part, the pro- 
ceeds of the Bonds to provide mortgage financing to the 
purchasers of the owner-occupied residential units in the 
Project Areas pursuant to the Inner Harbor Residential 
Development Program by making loans to finance such 
purchases. 

Section 1. Be it ordained by Mayor and City Council of 
Baltimore, That, acting pursuant to the Enabling Laws, it is 
hereby found and determined, as follows : 

(1) The issuance of revenue notes and revenue bonds 
by the City pursuant to the Enabling Laws to develop the 
Thames Point Residential Construction Loan Program and 
the Thames Point Residential Mortgage Loan Program 
each as a part of the Thames Point Residential Development 
Program in Baltimore through the purchase, contracting to 
purchase or other acquisition of mortgage loans (i) bearing 
interest rates below those generally prevailing (at the time 
of purchase or contract to purchase) in the private mort- 
gage market (to the extent such a market exists at that 
time) for loans of comparable quality and term in Baltimore 
and (ii) having the terms and characteristics as determined 
by this ordinance and the Board of Finance acting pursuant 
to this ordinance, will encourage and facilitate the purchase 
of residential property in the Project Area by residents of 
Baltimore of all income levels. 

(2) The accomplishment of the transactions contem- 
plated and authorized by this ordinance, including (with- 
out limitation) the development of the Thames Point Resi- 
dential Construction Loan Program and the Thames Point 
Residential Mortgage Loan Program, will accomplish a pub- 



ORDINANCES 1557 

lie purpose and meet existing public needs by (i) preserving 
a healthy and viable economy within Baltimore, (ii) encour- 
aging and facilitating the creation or maintenance of a 
healthy and ready market for residential real estate in 
Baltimore, including (without limitation) the ready sale and 
purchase of existing residential real estate and the pur- 
chase, acquisition, construction, erection or development of 
buildings or structures for owner-occupied residential pur- 
poses, including any land necessary therefor, within the 
boundaries of Baltimore City, (iii) encouraging and facili- 
tating the purchase of residential real property in Balti- 
more in order to maintain and encourage growth in real 
property assessments in Baltimore, and (iv) preserving the 
public health, safety and welfare of the residents of Balti- 
more by enabling residents of Baltimore of all income levels 
to finance readily their housing needs in Baltimore, thus 
discouraging the proliferation of vacant and substandard 
housing in Baltimore and retarding or reversing the move- 
ment of financially self sufficient taxpayers to surrounding 
subdivisions. 

(3) Neither notes or bonds nor interest coupons issued 
under the authority of the Enabling Laws constitute (i) a 
debt or general obligation of the City or any other political 
subdivisions, or (ii) a pledge of or an involvement of the 
faith and credit or the taxing powers of the City or any 
other political subdivision, all within the meaning of Section 
7 of Article XI of the Constitution of Maryland or any other 
constitutional, statutory or charter provision. The principal 
of and interest on the Notes and Bonds shall be payable 
from, and secured by, (i) an assignment of payments, pro- 
ceeds, charges, rents and any other income or payments (ex- 
cept certain escrow payments) to be delivered in cash by or 
for the account of the City from or related to the Thames 
Point Residential Construction Loan Program and the 
Thames Point Residential Mortgage Loan Program, includ- 
ing (without limitation) payments (as determined by reso- 
lution of the Board of Finance adopted pursuant to this 
ordinance) of principal and interest on construction mort- 
gage loans made by the City to the developer of o^^^ler- 
occupied residential units in the Thames Point Residential 
Development Program and on mortgage loans made by the 
City to Mortgagors (all such income or payments called the 
"Revenue Note and Bond Loan Program Revenues") and 



1558 ORDINANCES Ord. No. 483 

(ii) (to the extent provided by resolution of the Board of 
Finance adopted pursuant to this ordinance) proceeds of 
the Notes and Bonds. The principal of and interest on the 
Notes shall be secured by (without limitation) construc- 
tion mortgages from the developer in connection with the 
Thames Point Residential Construction Loan Program (the 
''Construction Mortgages"). The principal of and interest 
on the Bonds shall be secured by (without limitation) 
mortgages from Mortgagors in connection with the Thames 
Point Residential Mortgage Loan Program (the ''Unit 
Mortgages"). The Notes and Bonds may be additionally se- 
cured (without in any way specifying or limiting the terms 
of such additional security) by (i) insuring all or a part of 
the Unit Mortgages by private mortgage insurance pro- 
vided by one or more private mortgage insurers selected by 
the Board of Finance; or (ii) insuring all or a part of the 
Unit Mortgages through the Maryland Housing Fund or 
such other Federal, State or municipal fund or other agency 
permitted by applicable law to perform such insuring func- 
tions; or (iii) assigning the proceeds of the mortgage in- 
surance to the trustee for the holders of the Notes and 
Bonds (the "Bondholders") ; or (iv) such other security 
as the Board of Finance may by resolution approve; or (v) 
any combination of (i), (ii), (iii) and (iv). 

The principal amount of the Notes and Bonds will be 
paid directly to, and will be disbursed by, the independent 
trustee or trustees appointed by the Board of Finance pur- 
suant to this ordinance (the "Trustee"). No such monej^s 
will be either commingled with the City's general funds or 
made subject to the absolute control of the City, except for 
such limited supervision and checks as are deemed neces- 
sary or desirable by the City to insure that the proceeds of 
the Notes and Bonds are used to accomplish the public pur- 
poses of the Enabling Laws and this ordinance. The Reve- 
nue Note and Bond Loan Program Revenues, in the case of 
construction financing for the developer, will be paid by the 
developer to the Trustee as servicer for the Construction 
Mortgages or as Trustee for the Thames Point Residential 
Construction Loan Program, as stipulated in the construc- 
tion loan agreement or agrements to be entered into by the 
City with an agent, or agents, for construction loan servic- 
ing of the Construction Mortgages. The Revenue Note and 
Bond Loan Program Reveunes, in the case of financing for 



ORDINANCES 1559 

Mortgagors, will be paid by the Mortgagors to the mortgage 
servicer or servicers for the Thames Point Residential 
Mortgage Loan Program, as stipulated in the servicing 
agreement or agreements to be entered into by the City 
with a servicing agent or agents for the Unit Mortgages, and 
the Revenue Note and Bond Loan Program Revenues, less 
the servicing fee to be approved by the Board of Finance, 
shall be paid by such servicer to the Trustee. The transac- 
actions authorized hereby do not constitute a public im- 
provement or a capital project within the meaning of any 
charter or statutory provision. The public purposes ex- 
pressed in this ordinance are intended to be achieved by 
providing residential low and moderate cost mortgage con- 
struction loans to the developer of the Thames Point Resi- 
dential Development Program and residential low and mod- 
erate cost mortgage loans to the Mortgagors, each within 
Baltimore ; preserving a healthy economy within Baltimore ; 
fostering a healthy market for residential real estate in 
Baltimore; fostering the purchase of residential real prop- 
erty in Baltimore and providing affordable housing within 
Baltimore, thus discouraging the movement of taxpayers to 
surrounding subdivisions. 

Sec. 2. And be it further ordained, That, the issuance, 
sale and delivery of not exceding $7,000,000, aggregate 
principal amount of revenue notes, hereby designated 
"Single-Family Construction Mortgage Revenue Notes 
(Thames Point Loan Program) ", and the issuance, sale and 
delivery of not exceeding $10,000,000, aggregate principal 
amount of revenue bonds, hereby designated ''Single- 
Family Mortgage Revenue Bonds (Thames Point Loan 
Program) " are hereby authorized, subject to the provisions 
of this ordinance, the proceeds to be used to develop the 
Thames Point Residential Construction Loan Program and 
the Thames Point Residential Mortgage Loan Program as 
a part of the Thames Point Residential Development Pro- 
gram, all as set forth in this ordinance. In addition to the 
disbursement of Note and Bond proceeds for construction 
loans and mortgage loans under the Thames Point Residen- 
tial Construction Loan Program and the Thames Point 
Residential Mortgage Loan Program, Note and Bond pro- 
ceeds may be disbursed (without limitation) (i) with re- 
spect to construction loans, to pay all costs of planning, de- 
velopment and construction of the owner-occupied residen- 



1560 ORDINANCES Ord. No. 483 

tial units for the Thames Point Residential Development 
Program including (without limitation) architect's and 
engineer's fees and expenses, commitment fees, title insur- 
ance and recordation fees and taxes, land costs, land devel- 
opment costs, interest during the construction period, con- 
struction materials and equipment, construction contracting 
services and payment and performance bonds, (ii) to pay 
the cost of issuance and sale of the Notes and Bonds, in- 
cluding (without limitation) costs of printing Notes and 
Bonds, the official statement and other legal documents, 
costs of delivery of the Notes and Bonds, commitment fees, 
legal fees, accounting fees, underwriting costs, advertising 
costs, cost of rating agency reviews and all other incidental 
related expenses and (iii) (to the extent provided by reso- 
lution of the Board of Finance adopted pursuant to this 
ordinance) to fund a debt service reserve or other reserve 
funds for the Notes and Bonds. The Notes and Bonds shall 
be solely and exclusively payable from the Revenue Note 
and Bond Loan Program Revenues and (to the extent pro- 
vided by resolution of the Board of Finance adopted pursu- 
ant to this ordinance) certain Note and Bond proceeds. The 
Notes and Bonds shall be secured (to the extent provided 
by resolution of the Board of Finance adopted pursuant to 
this ordinance) by (without limitation) the Construction 
Mortgages and the Unit Mortgages. The Board of Finance 
may require, however, that the Notes and Bonds be addi- 
tionally secured by (i) insuring the Construction Mort- 
gages and Unit Mortgages through private mortgage in- 
surance provided by one or more private mortgage insurers 
selected by the Board of Finance; or (ii) insuring the Con- 
struction Mortgages and Unit Mortgages through the 
Maryland Housing Fund or such Federal, State, or Munici- 
pal fund or other agency permitted by applicable law to 
perform such insuring functions ; or (iii) assigning the pro- 
ceeds of the mortgage insurance to the Trustee for the 
Bondholders; or (iv) such other security as the Board of 
Finance may approve; or (v) any combination of (i), (ii), 
(iii) and (iv). The aggregate principal amount of Notes 
issued, sold and delivered pursuant to this ordinance shall 
not exceed $7,000,000, and the aggregate principal amount 
of the Bonds issued, sold and delivered pursuant to this 
ordinance shall not exceed $10,000,000, unless such amount 
or amounts, in each case, shall be increased by an ordinance 
of the City supplmental hereto. The City contemplates that, 



ORDINANCES 1561 

because of inflation and other factors which may occur dur- 
ing the development and construction periods of the Project 
Area, the City will amend or supplement this ordinance 
from time to time to increase such amounts or otherwise to 
provide for matters affecting the Thames Point Residential 
Development Program. Nothing in this ordinance is in- 
tended or shall be deemed to exclude the issuance of re- 
funding bonds to refund all or a portion of the Notes or 
Bonds, and the adoption of a subsequent ordinance or or- 
dinances for such purpose is expressly contemplated by this 
ordinance. 

In accordance with the Enabling Laws, the City hereby 
authorizes the Board of Finance, unless the City shall other- 
wise prescribe prior to the issuance and delivery of the 
Notes or Bonds, by resolution to take the following actions 
and to make the following commitments on behalf of the 
City: 

(a) to determine and set forth the form, terms, provi- 
sions (including redemption provisions and sinking fund 
requirements, if any), manner or method of issuing and 
selling (including negotiated or competitive bid sale) and 
the time or times of issuance and any and all other details 
of the Notes and Bonds ; 

(b) to determine and set forth the form, terms and pro- 
visions of construction loan agreements, servicing agree- 
ments and all other construction and mortgage loan and 
other documents in connection with the Notes and Bonds; 

(c) to prepare and distribute, in conjunction with the 
prospective underwriters or placement agents, if any, for 
the Notes and Bonds, preliminary and final official state- 
ments or placement memoranda or circulars as the Board 
of Finance deems necessary and appropriate in connection 
with the sale of the Notes and Bonds; provided, however, 
that any such preliminary official statements or placement 
memoranda or circulars shall be clearly marked to indicate 
that they are subject to completion and amendment; 

(d) to determine the dates, times and places when an 
underwriting or placement agreement or purchase contract 
shall be submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 
Bonds, such underwriting or placement agreement or pur- 



1562 ORDINANCES Ord. No. 483 

chase contract to specify the interest rate or rates pro- 
posed to be paid on the Notes and Bonds, the price at which 
such Notes and Bonds are to be sold to such underwriters, 
placement agents or purchasers, and such other matters as 
the underwriters, placement agents or purchasers and the 
Board of Finance may deem necessary or desirable in order 
to effect the sale and delivery of the Notes and Bonds ; 

(e) to determine the interest rate or rates to be paid by 
the City on the Notes and Bonds in accordance with the 
proposed underwriting or placement agreement or purchase 
contract submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 
Bonds ; 

(f ) to appoint, as the Board of Finance deems necessary 
and appropriate, a bank having trust powers, or a trust 
company, as trustee for the Notes and Bonds to be issued 
pursuant to this ordinance ; and 

(g) to approve the form of trust agreements between 
the City and the Trustee, which trust agreements may (i) 
pledge or assign all or any part of the security of the Notes 
and Bonds, (ii) contain reasonable and proper provisions 
for the protection and enforcement of the rights and rem- 
edies of the Bondholders, (iii) set forth the rights and 
remedies of the Bondholders and the Trustee and may re- 
strict the individual right of action by the Bondholders, and 
(iv) contain whatever other provisions are deemed reason- 
able and proper for the security of the Bondholders. 

The Board of Finance shall perform any and all actions 
necessary or deemed appropriate by such Board in order to 
effect the issuance and sale of the Notes and Bonds in ac- 
cordance with and pursuant to this ordinance and the un- 
derwriting or placement agreements or purchase contracts 
for the Notes and Bonds. 

The Notes and Bonds shall be dates as of the first day of 
the month next following the date on which the Notes and 
Bonds are sold unless the Board of Finance shall specify a 
different date by a a resolution adopted pursuant to this 
ordinance, and the Notes and Bonds shall bear interest at 
an annual rate or rates payable semi-annually following the 
date of the Notes and Bonds so that, if the Notes and Bonds 
are dated October 1, 1981, interest on the Notes and Bonds 



ORDINANCES 1563 

will be payable on March 1, 1982 and semi-annually there- 
after each October 1 and March 1 unless the Board of 
Finance shall specify more frequent or different dates by 
a resolution adopted pursuant to this ordinance. 

The Notes and Bonds issued hereunder shall mature on 
the date or dates provided in a resolution of the Board of 
Finance adopted pursuant to this ordinance, but the last 
maturity of each series of Notes shall in no event exceed a 
period of five (5) years from the date of such series of 
Notes and the last maturity of each series of the Bonds 
shall in no event exceed a period of forty (40) years from 
the date of such series of Bonds. If the resolution of the 
Board of Finance does not provide any maturity or maturi- 
ties for the Notes, all of the Notes of a series shall mature on 
the date five (5) years from the date of such series of 
Notes. For example, if the Note is dated September 30, 
1981, all of Notes of such series will mature (in the ab- 
sence of a resolution of the Board of Finance determining 
otherwise) on September 30, 1986. If the resolution of the 
Board of Finance does not provide any maturity or maturi- 
ties for the Bonds, all of the Bonds of a series shall mature 
on the date thirty-two (32) years from the date of such 
series of the Bonds. For example, if the Bond is dated 
September 30, 1981, all the Bonds of such series will mature 
(in the absence of a resolution of the Board of Finance de- 
termining otherwise) on September 30, 2013. 

Sec. 3. And be it further ordained, That, prior to the sale 
of the Notes and Bonds, the Board of Finance, unless the 
City shall otherwise prescribe, may determine by resolution : 

(1) the provisions of trust between the City and the 
Trustee ; 

(2) the manner of execution, authentication, registra- 
tration and transfer of the Notes and Bonds ; 

(3) provisions for authentication and delivery of the 
Notes and Bonds ; 

(4) the provision of the Thames Point Residential Con- 
struction Loan Program and of the Thames Point Residen- 
tial Mortgage Loan Program, including (i) the terms of the 
construction loans and of the Construction Mortgages ac- 
quired under the Thames Point Residential Construction 



1564 ORDINANCES Ord. No. 483 

Loan Program, (ii) the terms of the mortgage loans and 
of the Unit Mortgages acquired under the Thames Point 
Residential Mortgage Loan Program, and (iii) the terms 
of any servicing agreement between the City and a mort- 
gage servicer for the Construction Mortgages and the Unit 
Mortgages ; 

(5) the terms of the private insurance, public insurance 
or other security for the Notes and Bonds ; 

(6) provisions for creation, holding and disbursement 
of a construction loan and a program fund to be held by the 
Trustee ; 

(7) provisions for creation, holding and disbursement 
of any other funds and accounts to be held by the Trustee ; 

(8) provisions for the application of the Revenue Note 
and Bond Loan Program Revenues ; 

(9) provisions for the security for and investment of 
moneys held by the Trustee ; 

(10) the details of the procedure for the redemption of 
the Notes and Bonds ; 

(11) remedies for Bondholders in the event of default; 

(12) the duties, rights and immunities of the Trustee; 

(13) the manner of execution of instruments by Bond- 
holders and the method of proof of ownership of the Notes 
and Bonds; 

(14) provisions for modification of this ordinance; 

(15) provisions for defeasance of the Notes and Bonds; 

(16) the forms of the Notes and Bonds, coupons and 
the Trustee's authentication certificate ; and 

(17) such other matters in connection with the authori- 
zation, issuance, security, sale and payment of the Notes 
and Bonds as may be deemed appropriate by the Board of 
Finance. 

Any resolution of resolutions adopted pursuant to this 
ordinance shall be deemed to be of an administrative nature. 

Sec. 4. And be it further ordained, That, the Board of 
Finance may approve the issuance of the Notes and Bonds 
in one or more series from time to time as the Board of 
Finance by resolution adopted pursuant to this ordinance 



ORDINANCES 1565 

deems necessary or appropriate in connection with the 
schedule, as amended from time to time, of the Thames 
Point Residential Development Program. It is hereby de- 
clared that singular terms shall include the plural and plural 
the singular so that each provision of this ordinance shall 
apply to each series of Notes and Bonds. 

Sec. 5. And be it further ordained, That Mayor and City 
Council may amend this ordinance from time to time as 
necessary and appropriate to increase the authorization for 
revenue notes and revenue bonds for the Thames Point 
Residential Development Program for increased costs or 
other changes in the Thames Point Residential Develop- 
ment Program for the Project areas, or otherwise. 

Sec. 6. And he it further ordained, That, if any action or 
any matter delegated to the Board of Finance, or author- 
ized for implementation by the Board of Finance, shall not 
be acted upon by the Board of Finance, such actions and 
matters may be acted upon or implemented by a resolution 
approved by the City Council of the City, which is subse- 
quently approved by the Mayor or acting Mayor of the 
City. 

Sec. 7. And be it further ordained, That, the provisions 
of this ordinance are severable, and if any provision, sen- 
tence, clause, section or part thereof is held illegal, invalid 
or unconstitutional or inapplicable to any person or circum- 
stances, such illegality, invalidity or unconstitutionality, or 
inapplicability shall not affect or impair any of the remain- 
ing provisions, sentences, clauses, sections, or parts of this 
ordinance or its applications to other persons or circum- 
stances. It is hereby declared to be the legislative intent 
that this ordinance would have been adopted if such illegal, 
invalid or unconstiutional provision, sentence, clause, sec- 
tion or part had not been included therein, and if the person 
or circumstances to which this ordinance or any part thereof 
is inapplicable had been specifically exempted therefrom. 

Sec. 8. And be it further ordained. That, this ordinance 
shall take effect from the date of its passage. 

Approved October 14, 1981. 

WILLIAM DONALD SCHAEFER, Mayor, 



1566 ORDINANCES Ord. No. 484 

No. 484 
(Ck)uncil No. 862) 

AN ORDINANCE concerning 

INDUSTRIAL DEVELOPMENT REVENUE BONDS 
SUMiMIT KEEP 
Residential Development Program 

FOR the purpose of authorizing and providing for the issu- 
ance, sale and delivery, by the Mayor and City Council of 
Baltimore (the ''City") of its revenue obhgations for the 
Summit Keep Residential Development Progi^am (as de- 
fined in this ordinance) consisting of its revenue notes, 
to be used in part to pay the costs of construction of resi- 
dential units as described in this ordinance, designated 
"Single-Family Construction Mortgage Revenue Notes 
(Summit Keep Loan Program)" in the aggregate princi- 
pal amount not exceeding $2,500,000, and of its revenue 
bonds, to be used in part to provide mortgage financing 
for the purchasers of owner-occupied residential units 
described in this ordinance, designated ''Single-Family 
Mortgage Revenue Bonds (Summit Keep Loan Pro- 
gram)" in the aggregate principal amount not exceeding 
$3,000,000, each pursuant to the provisions of Subsec- 
tions (51) and (50) of Article II of the Charter of Balti- 
more City (1964 Revision, as amended), in order to use 
the proceeds for the sole and exclusive purpose of financ- 
ing the Summit Keep Residential Construction Loan Pro- 
gram (as defined in this ordinance) each as part of the 
Summit Keep Residential Development Program (as de- 
fined in this ordinance) for the Project Areas within the 
Summit Keep Area (each as defined in this ordinance) in 
the City of Baltimore, including (without limitation) the 
purchase, the contracting to purchase or the acquisition 
of mortgage loans bearing interest rates below those gen- 
erally prevailing (at the time of purchase or contract to 
purchase) in the private mortgage market (to the extent 
such a market exists at that time) for loans of compara- 
ble quality and term in the City of Baltimore, as provided 
in this ordinance, for the public purpose of developing 
readily available sources of money at low and moderate 
cost for the Summit Keep Residential Development Pro- 
gram (as defined in this ordinance) for the Project Ai'eas 



ORDINANCES 1567 

within the Summit Keep Area (each as defined in this 
ordinance) within the City of Baltimore; making certain 
legislative findings, among others, concerning the public 
benefit and purpose of such revenue notes and revenue 
bonds; providing that (a) such revenue notes and revenue 
bonds shall be payable solely and only from Revenue Note 
and Bond Loan Program Revenues (as defined in this 
ordinance) and (to the extent provided by resolution of 
the Board of Finance of the City adopted pursuant to this 
ordinance) certain proceeds or such revenue notes and 
revenue bonds and (b) such revenue notes and revenue 
bonds shall not ever constitute, within the meaning of 
Section 7 of Article XI of the Constitution of Maryland 
or any other constitutional, statutory or charter provi- 
sions or otherwise (i) a debt or general obligation of the 
City or any other political subdivision or (ii) a pledge of 
or an involvement of the faith and credit or the taxing 
powers of the City or any other political subdivision; 
authorizing and empowering the Board of Finance of the 
City by resolution (i) to determine and set forth certain 
matters pertaining to the revenue notes and the revenue 
bonds including (without limitation) the form, terms, 
provisions (including redemption provisions and sinking 
fund requirements, if any), manner or method of issuing 
and selling (including negotiated as well as competitive 
bid sale) , and the time or times of issuance and any and 
all other details of such revenue notes and revenue bonds, 
(ii) to do any and all things necessary, proper or expedi- 
ent in connection with the issuance and sale of such reve- 
nue notes and revenue bonds, including (without limita- 
tion) to approve the form of construction loan agreements 
in connection with such revenue notes, to approve the 
form of servicing agreements in connection with such 
revenue notes and bonds, to prepare and distribute pre- 
liminary and final official statements or preliminary and 
final placement memoranda or circulars in connection 
with the sale of such reevnue notes and revenue bonds, 
to determine the dates, times and places when underwrit- 
ing or placement agreements or purchase agreements 
shall be submitted by the underwriters or placement 
agents for such revenue notes and revenue bonds or the 
purchasers of such revenue notes or revenue bonds and 
to determine certain of the terms of such agreements, to 
determine the interest rate or rates to be paid by the City 



1568 ORDINANCES Ord. No. 484 

on such revenue notes and revenue bonds and to appoint 
a trustee for such revenue notes and revenue notes and 
revenue bonds, and (iii) to approve the form of trust 
agreements between the City and the trustee, which trust 
agreements may (a) pledge or assign all or any part of 
the security for such revenue notes and revenue bonds, 
(b) contain reasonable and proper provisions for the pro- 
tection and enforcement of the rights and remedies of 
the holders of such revenue notes and revenue bonds, (c) 
set forth the rights and remedies of the holders of such 
revenue notes and revenue bonds and of the trustee and 
restrict the individual right of action by the holders of 
such revenue notes and revenue bonds, and (d) contain 
whatever other provisions are deemed reasonable and 
proper for the security of the holders of such revenue 
notes and revenue bonds; providing that all or a portion 
of such revenue notes and revenue bonds may be refunded 
pursuant to a subsequent ordinance of the City ; and gen- 
erally providing for and determining various matters in 
connection with the authorization, issuance, security, sale 
and payment of such revenue obligations for the Summit 
Keep Residential Development Program (as defined in 
this ordinance) . 

RECITALS 

A. Subsection (51) — Loans to Facilitate Low and 
Moderate Cost Residential ^Mortgage Financing Within 
the City, of Article II of the Charter of Baltimore City 
(1964 Revision, as amended) (''Subsection 51") author- 
izes Mayor and City Council of Baltimore (the "City") to 
borrow mone}" by the issuance and sale of its revenue 
notes and revenue bonds and to utilize the proceeds of the 
notes and bonds to develop an owner-occupancy residential 
mortgage loan program in the City of Baltimore, ^lary- 
land (''Baltimore") to provide readily available sources of 
money at low and moderate cost for such residential 
mortgage loans within Baltimore through the purchase, 
contracting to purchase or other acquisition of mortgage 
loans (i) bearing interest rates below those generally 
prevailing (at the time of purchase or contract to pur- 
chase) in the private mortgage market (to the extent 
such a market exists at that time) for loans of compara- 
ble quality and term in Baltimore and (ii) having what- 



ORDINANCES 1569 

ever other terms and characteristics as may be deter- 
mined by the City. Subsection (51) requires that revenue 
notes and revenue bonds authorized thereunder shall be 
issued pursuant to Subsection (50) — Revenue Bonds 
and Obhgations, of the Charter of Baltimore City (1964 
Revision, as amended) . 

B. Subsection (50) — Revenue Bonds and Obhgations 
of Article II of the Charter of Baltimore City (1964 Re- 
vision, as amended) (''Subsection (50)") authorizes the 
City to borrow money through the issuance and sale of 
its revenue notes and revenue bonds for the accomplish- 
ment of any of the purposes, objects and powers of the 
City. Revenue notes and revenue bonds issued pursuant 
to Subsection (50) shall be payable, as to both principal 
and interest, solely from and secured solely by (i) the 
revenues from or arising in connection with the property, 
facilities, developments and improvements whose financ- 
ing is undertaken bj^ issuance of the notes or bonds, (ii) 
the revenues from or arising in connection with any con- 
tracts, mortgages or other securities purchased or other- 
wise acquired with the proceeds of the notes or bonds, 
(iii) the contracts, mortgages or other securities pur- 
chased or otherwise acquired with the proceeds of the 
notes or bonds, or (iv) any combination of (i), (ii) or 
(iii). 

C. Subsection (50) further authorizes the City to 
authorize and empower the Board of Finance of the City 
by resolution (i) to determine and set forth certain mat- 
ters pertaining to the revenue notes and revenue bonds, 
including (without limitation) the forms, terms, provi- 
sions, manner or method of issuing and selling (including 
negotiated as well as competitive bid sale), and the time 
or times of issuance and any and all other details of such 
revenue notes or revenue bonds, (ii) to do any and all 
things necessary, proper or expedient in connection with 
the issuance and sale of such revenue notes or revenue 
bonds, and (iii) to approve the form of a trust agreement 
between the City and the trustee, which trust agreement 
may (a) pledge or assign all or any part of the security 
for such notes or bonds, (b) contain reasonable and 
proper provisions for the protection and enforcement of 
the rights and remedies of the holders of such notes or 
bonds, (c) set forth the rights and remedies of the hold- 



1570 ORDINANCES Ord. No. 484 

ers of such notes or bonds and of the trustee and restrict 
the individual rights of action by the holders of the notes 
or bonds, and (d) contain whatever other provisions are 
deemed reasonable and proper for the security of the 
holders of such notes or bonds. 

D. Subsection (51) and Subsection (59) are referred 
to herein collectively as the "Enabling Laws". 

E. Subsection (41) declares, among other things, that 
borrowing money thereunder by the issuance of revenue 
notes or revenue bonds shall be for the essential pubhc 
purpose of (i) preserving a healthy and viable economy 
within Baltimore, (ii) encouraging and facilitating the 
creation or maintenance of a healthy and ready market 
for residential real estate in Baltimore, including (with- 
out limitation) the ready sale and purchase of existing 
residential real estate and the purchase, acquisition, con- 
struction, erection or development of buildings or struc- 
tures for owner-occupied residential purposes, including 
any land necessary therefor, within the boundaries of 
Baltimore, (iii) encouraging and facilitating the pur- 
chase of residential real property in Baltimore in order 
to maintain and encourage growth in real property assess- 
ments in Baltimore, and (iv) preserving the public 
health, safety and welfare of the residents of Baltimore 
by enabling residents of Baltimore of all income levels to 
finance readily their housing needs in Baltimore, thus 
discouraging the proliferation of vacant and substandard 
housing in Baltimore and retarding or reversing the 
movement of financially self sufficient taxpayers to sur- 
rounding subdivisions. 

F. The Project Area of the Summit Keep Residential 
Development Program shall be located in the City of 
Baltimore at the northeast corner of the intersection of 
IvjTnount Road and Rogene Drive. Consisting of single 
family residential dwelling units incuding but not limited 
to townhouse, condominiums, cooperatives, or other resi- 
dential structures. 

G. As part of the development of the Summit Keep 
Area, the City seeks to promote owner-occupied residen- 
tial units within Baltimore and the Summit Keep Area 
offering a variety of good housing accommodations in an 
attractive environment (such program as it may have 



ORDINANCES 1571 

heretofore or may hereafter be amended, or supplemented 
or extended to other areas from time to time called the 
"Summit Keep Residential Development Program"). 

H. Pursuant to the Summit Keep Residential Devel- 
opment Program, the City proposes to provide necessary 
construction financing as determined from time to time 
(such program as it may have heretofore or may here- 
after be amended, supplemented or extended to other 
areas from time to time called the ''Summit Keep Resi- 
dential Construction Loan Program" for developers and 
builders (herein ''developers"), and necessary long-term 
mortgage financing (such program as it may have here- 
tofore or may hereafter be amended, supplemented or 
extended to other areas from time to time called "Sum- 
mit Keep Residential Mortgage Loan Program") for pur- 
chasers (herein "mortgagors") of residential units in the 
Project Area through several issues of the City's revenue 
notes and revenue bonds. 

I. Pursuant to the Enabling Lav^s, the City has deter- 
mined to issue and sell in an amount not to exceed 
$2,500,000, aggregate principal amount of its "Single- 
Family Construction Mortgage Revenue Notes (Summit 
Keep Loan Program)", (the "Notes") and to use the pro- 
ceeds of the Notes to provide construction financing for 
development of an owner-occupancy residential loan pro- 
gram for the Summit Keep Residential Development Pro- 
gram which loan program will include (without limita- 
tion) the financing of construction loans for the developer. 

J. Pursuant to the Enabling Laws, the City has deter- 
mined to issue and sell in an amount not to exceed 
$3,000,000, aggregate principal amount of its "Single- 
Family Mortgage Revenue Bonds (Summit Keep Loan 
Progi-am)", (the "Bonds") and to use the proceeds of 
the Bonds, to develop an owner-occupancy residential 
loan program for the Summit Keep Residential Develop- 
ment Program, which loan program will include (without 
limitation) the financing of mortgage loans for the 
Mortgagors. 

K. The City has determined to issue and sell the Notes 
and the Bonds to effectuate the public purpose of (i) 
preserving a healthy and viable economy within Balti- 



1572 ORDINANCES Ord. No. 484 

more, (ii) encouraging and facilitating the creation or 
maintenance of a healthy and ready market for residen- 
tial real estate in Baltimore, including (without limita- 
tion) the ready sale and purchase of existing residential 
real estate and the purchase, acquisition, construction, 
erection or development of buildings or structures for 
owner-occupied residential purposes, including any land 
necessary therefor, within the boundaries of Baltimore, 
(iii) encouraging and facilitating the purchase of resi- 
dential real property in Baltimore in order to maintain 
and encourage growth in real property assessments in 
Baltimore, and (iv) preserving the public health, safety 
and welfare of the residents of Baltimore by enabling 
residents of Baltimore of all income levels to finance 
readily their housing needs in Baltimore, thus discourag- 
ing the proliferation of vacant and substandard housing 
in Baltimore and retarding or reversing the movement of 
financially self sufficient taxpayers to surrounding sub- 
divisions. 

L. Pursuant to authority provided in Article XI-H of 
the Constitution of Maryland and laws enacted pursuant 
thereto, the City from time to time has general funds 
available for use to make or contract to make or to guar- 
antee or insure financial loans to any person or other legal 
entity to be used for or in connection with the purchase, 
acquisition, construction, erection or development of 
buildings or structures, including any land necessary 
therefor, within the boundaries of Baltimore, which 
buildings or structures are to be used or occupied for 
residential purposes. Pursuant to such authority, or as 
otherwise may be permitted by applicable law, the City, 
acting through the Department of Housing and Commu- 
nity Development of the City and the Board of Estimates 
of the City, may determine from time to time to make, 
guarantee or insure financial loans in connection with the 
owner-occupied residential units for the Project Ai'eas to 
supplement the proceeds of the Notes and Bonds to de- 
velop the Summit Keep Residential Construction Loan 
Program and the Summit Keep Residential Mortgage 
Loan Program as an integral part of the Summit Keep 
Residential Development Program. 

iM. The City has determined to use, in part, the pro- 
ceeds of the Bonds to provide mortgage financing to the 



ORDINANCES 1573 

purchasers of the owner-occupied residential units in the 
Project Areas pursuant to the Inner Harbor Residential 
Development Program by making loans to finance such 
purchases. 

Section 1. Be it ordained by Mayor and City Council of 
Baltimore, That, acting pursuant to the Enabling Laws, it 
is hereby found and determined, as follows : 

(1) The issuance of revenue notes and revenue bonds 
by the City pursuant to the Enabling Laws to develop the 
Summit Keep Residential Construction Loan Program and 
the Summit Keep Residential Mortgage Loan Program each 
as a part of the Summit Keep Residential Development Pro- 
gram in Baltimore through the purchase, contracting to 
purchase or other acquisition of mortgage loans (i) bearing 
interest rates below those generally prevailing (at the time 
of purchase or contract to purchase) in the private mort- 
gage market (to the extent such a market exists at that 
time) for loans of comparable quality and term in Baltimore 
and (ii) having the terms and characteristics as determined 
by this ordinance and the Board of Finance acting pursuant 
to this ordinance, will encourage and facilitate the purchase 
of residential property in the Project Area by residents of 
Baltimore of all income levels. 

(2) The accomplishment of the transactions contem- 
plated and authorized by this ordinance, including (without 
Hmitation) the development of the Summit Keep Residential 
Construction Loan Program and the Summit Keep Residen- 
tial Mortgage Loan Program, will accomplish a public pur- 
pose and meet existing public needs by (i) preserving a 
healthy and viable economy within Baltimore, (ii) encour- 
aging and facilitating the creation or maintenance of a 
healthy and ready market for residential real estate in 
Baltimore, including (without limitation) the ready sale 
and purchase of existing residential real estate and the pur- 
chase, acquisition, construction, erection or development of 
buildings or structures for owner-occupied residential pur- 
poses, including any land necessary therefor, within the 
boundaries of Baltimore City, (iii) encouraging and facili- 
tating the purchase of residential real property in Baltimore 
in order to maintain and encourage growth in real property 
assessments in Baltimore, and (iv) preserving the public 
health, safety and welfare of the residents of Baltimore by 



1574 ORDINANCES Ord. No. 484 

enabling residents of Baltimore of all income levels to 
finance readily their housing needs in Baltimore, thus dis- 
couraging the proliferation of vacant and substandard hous- 
ing in Baltimore and retarding or reversing the movement 
of financially self sufficient taxpayers to surrounding sub- 
divisions. 

(3) Neither notes or bonds nor interest coupons 
issued under the authority of the Enabhng Laws constitute 
(i) a debt or general obligation of the City or any other 
political subdivisions, or (ii) a pledge of or an involvement 
of the faith and credit or the taxing powers of the City or 
any other political subdivision, all within the meaning of 
Section 7 of Article XI of the Constitution of Maryland or 
any other constitutional, statutory or charter provision. The 
principal of and interest on the Notes and Bonds shall be 
payable from, and secured by, (i) an assignment of pay- 
ments, proceeds, charges, rents and any other income or 
payments (except certain escrow payments) to be derived in 
cash by or for the account of the City from or related to the 
the Summit Keep Residential Construction Loan Program 
and the Summit Keep Residential Mortgage Loan Progi'am, 
including (without limitation) payments (as determined 
by resolution of the Board of Finance adopted pursuant to 
this ordinance) of principal and interest on construction 
mortgage loans made by the City to the developer of owner- 
occupied residential units in the Summit Keep Residential 
Development Program and on mortgage loans made by the 
City to Mortgagors (all such income or payments called the 
''Revenue Note and Bond Loan Program Revenues") and 
(ii) (to the extent provided by resolution of the Board of 
Finance adopted pursuant to this ordinance) proceeds of 
the Notes and Bonds. The principal of and interest on the 
Notes shall be secured by (without limitation) construction 
mortgages from the developer in connection with the Summit 
Keep Residential Construction Loan Program (the "Con- 
struction Mortgages"). The principal of and interest on the 
Bonds shall be secured by (without limitation) mortgages 
from Mortgagors in connection with the Summit Keep 
Residential Mortgage Loan Program (the "Unit Mortgages") . 
The Notes and Bonds may be additionally secured (without 
in any way specifying or limiting the terms of such addi- 
tional security) by (i) insuring all or a part of the Unit 
Mortgages by private mortgage insurance provided by one or 



ORDINANCES 1575 

more private mortgage insurers selected by the Board of 
Finance; or (ii) insuring all or a part of the Unit Mortgages 
through the Maryland Housing Fund or such other Federal, 
State or municipal fund or other agency permitted by 
applicable law to perform such insuring functions; or (iii) 
assigning the proceeds of the mortgage insurance to the 
trustee for the holders of the Notes and Bonds (the *'Bond- 
holders") ; or (iv) such other security as the Board of 
Finance may by resolution approve; or (v) any combination 
of (i), (ii), (iii) and (iv). 

The principal amount of the Notes and Bonds will be paid 
directly to, and will be disbursed by, the independent trustee 
or trustees appointed by the Board of Finance pursuant to 
this ordinance (the ''Ti^ustee"). No such moneys will be 
either commingled with the City's general funds or made 
subject to the absolute control of the City, except for such 
limited supervision and checks as are deemed necessary or 
desirable by the City to insure that the proceeds of the 
Notes and Bonds are used to accomplish the public purposes 
of the Enabling Laws and this ordinance. The Revenue Note 
and Bond Loan Program Revenues, in the case of construc- 
tion financing for the developer, will be paid by the developer 
to the Trustee as servicer for the Construction Mortgages or 
as Trustee for the Summit Keep Residential Construction 
Loan Program, as stipulated in the construction loan agree- 
ment or agreements to be entered into by the City with an 
agent, or agents, for construction loan servicing of the 
Construction Mortgages. The Revenue Note and Bond Loan 
Program Revenues, in the case of financing for Mortgagors, 
will be paid by the Mortgagors to the mortgage servicer or 
servicers for the Summit Keep Residential Mortgage Loan 
Program, as stipulated in the servicing agreement or agree- 
ments to be entered into by the City with a servicing agent 
or agents for the Unit Mortgages, and the Revenue Note and 
Bond Loan Program Revenues, less the servicing fee to be 
approved by the Board of Finance, shall be paid by such 
servicer to the Trustee. The transactions authorized hereby 
do not constitute a public improvement or a capital project 
within the meaning of any charter or statutory provision. 
The public purposes expressed in this ordinance are intended 
to be achieved by providing residential low and moderate 
cost mortgage construction loans to the developer of the 
Summit Keep Residential Development Program and resi- 



1576 ORDINANCES Ord. No. 484 

dential low and moderate cost mortgage loans to the 
Mortgagors, each within Baltimore; preserving a healthy 
economy within Baltimore; fostering a healthy market for 
residential real estate in Baltimore; fostering the purchase 
of residential real property in Baltimore and providing 
affordable housing v/ithin Baltimore, thus discocuraging the 
movement of taxpayers to surrounding subdivisions. 

Sec. 2. And be it further ordained, That, the issuance, 
sale and delivery of not exceeding $2,500,000, aggregate 
principal amount of revenue notes, hereby designated 
''Single-Family Construction Mortgage Revenue Notes 
(Summit Keep Loan Program)", and the issuance, sale and 
delivery of not exceeding $3,000,000, aggregate principal 
amount of revenue bonds, hereby designated ''Single-Family 
Mortgage Revenue Bonds (Summit Keep Loan Program)" 
are hereby authorized, subject to the provisions of this 
ordinance, the proceeds to be used to develop the Summit 
Keep Residential Construction Loan Program and the Sum- 
mit Keep Residential Mortgage Loan Program as a part of 
the Summit Keep Residential Development Program, all as 
set forth in this ordinance. In addition to the disbursement 
of Note and Bond proceeds for construction loans and 
mortgage loans under the Summit Keep Residential Con- 
struction Loan Program and the Summit Keep Residential 
Mortgage Loan Program, Note and Bond proceeds may be 
disbursed (without limitation) (i) with respect to construc- 
tion loans, to pay all costs of planning, development and 
construction of the owner-occupied residential units for the 
Summit Keep Residential Development Program including 
(without limitation) architect's and engineers' fees and 
expenses, commitment fees, title insurance and recordation 
fees and taxes, land costs, land development costs, interest 
during the construction period, construction materials and 
equipment, construction contracting services and payment 
and performance bonds, (ii) to pay the cost of issuance and 
sale of the Notes and Bonds, including (without limitation) 
costs of printing Notes and Bonds, the official statement and 
other legal documents, costs of delivery of the Notes and 
Bonds, commitment fees, legal fees, accounting fees, under- 
writing costs, advertising costs, costs of rating agency re- 
views and all other incidental related expenses and (iii) (to 
the extent provided by resolution of the Board of Finance 



ORDINANCES 1577 

adopted pursuant to this ordinance) to fund a debt service 
reserve or other reserve funds for the Notes and Bonds. The 
Notes and Bonds shall be solely and exclusively payable from 
the Revenue Note and Bond Loan Program Revenues and 
(to the extent provided by resolution of the Board of 
Finance adopted pursuant to this ordinance) certain Note 
and Bond proceeds. The Notes and Bonds shall be secured 
(to the extent provided by resolution of the Board of 
Finance adopted pursuant to this ordinance) by (without 
limitation) the Construction Mortgages and the Unit 
Mortgages. The Board of Finance may require, however, 
that the Notes and Bonds be additionally secured by (i) 
insuring the Construction Mortgages and Unit Mortgages 
through private mortgage insurance provided by one or 
more private mortgage insurers selected by the Board of 
Finance; or (ii) insuring the Construction Mortgages and 
Unit Mortgages through the Maryland Housing Fund or 
such Federal, State, or municipal fund or other agency per- 
mitted by applicable law to perform such insuring functions ; 
or (iii) assigning the proceeds of the mortgage insurance to 
the Trustee for the Bondholders; or (iv) such other security 
as the Board of Finance may approve ; or (v) any combina- 
tion of (i), (ii), (iii) and (iv). The aggregate principal 
amount of Notes issued, sold and delivered pursuant to this 
ordinance shall not exceed $2,500,000, and the aggregate 
principal amount of the Bonds issued, sold and dehvered 
pursuant to this ordinance shall not exceed $3,000,000, unless 
such amount or amounts, in each case, shall be increased 
by an ordinance of the City supplemental hereto. The City 
contemplates that, because of inflation and other factors 
which may occur during the development and construction 
periods of the Project Area, the City will amend or supple- 
ment this ordinance from time to time to increase such 
am.ounts or otherwise to provide for matters affecting the 
Summit Keep Residential Developm.ent Program. Nothing in 
this ordinance is intended or shall be deemed to exclude the 
issuance of refunding bonds to refund all or a portion of the 
Notes or Bonds, and the adoption of a subsequent ordinance 
or ordinances for such purpose is expressly contemplated by 
this ordinance. 

In accordance with the Enabling Laws, the City hereby 
authorizes the Board of Finance, unless the City shall other- 
wise prescribe prior to the issuance and delivery of the 



1578 ORDINANCES Ord. No. 484 

Notes or Bonds, by resolution to take the following actions 
and to make the following commitments on behalf of the 
City: 

(a) to determine and set forth the form, terms, provi- 
sions (including redemption provisions and sinking fund 
requirements, if any), manner or method of issuing and 
selling (including negotiated or competitive bid sale) and 
the time or times of issuance and any and all other details 
of the Notes and Bonds ; 

(b) to determine and set forth the form, terms and pro- 
visions of construction loan agreements, servicing agree- 
ments and all other construction and mortgage loan and 
other documents in connection with the Notes and Bonds; 

(c) to prepare and distribute, in conjunction with the 
prospective underwriters or placement agents, if any, for 
the Notes and Bonds, preliminary and final official state- 
ments or placement memoranda or circulars as the Board of 
Finance deems necessary and appropriate in connection with 
the sale of the Notes and Bonds; provided, however, that 
any such preliminary official statements or placement 
memoranda or circulars shall be clearly marked to indicate 
that they are subject to completion and amendment; 

(d) to determine the dates, times and places when an 
underwriting or placement agreement or purchase contract 
shall be submitted by the underwriters or placement agents 
for the Notes and Bonds or purchasers of the Notes and 
Bonds, such underwriting or placement agreement or pur- 
chase contract to specify the interest rate or rates proposed 
to be paid on the Notes and Bonds, the price at which such 
Notes and Bonds are to be sold to such underwriters, place- 
ment agents or purchasers, and such other matters as the 
underwriters, placement agents or purchasers and the Board 
of Finance may deem necessary or desirable in order to effect 
the sale